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95ct. Diamond Boosts Mountain Province Revenue

Jul 1, 2018 8:33 AM   By Rapaport News
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RAPAPORT... Strong rough demand and the sale of a 95-carat diamond drove an increase in revenue at Mountain Province’s June tender, the miner said.

The company sold 356,000 carats of rough from its Gahcho Kué mine for $30.3 million, at an average of $85 per carat, it reported last week. The purchase price for the 95-carat stone was more than double the miner’s previous record for a single stone, though it declined to reveal the diamond’s exact selling price.

“The positive results of our fifth sale were driven by strong demand in the rough market,” said Reid Mackie, Mountain Province’s vice president for diamond marketing. “This demand is supported by stable rough supply levels and continued positive retail news from the key diamond consumer markets.”

Larger white diamonds drew especially strong competition and interest from customers, with prices for that category increasing by a low-single-digit percentage compared with the previous sale, Mackie added.

Mountain Province’s previous tender, in May, brought in revenue of $28.3 million, with an average price of $81 per carat.
Tags: Gahcho Kué, mountain province, Rapaport News, Reid Mackie
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