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Lack of Large Stones Hits Mountain Province Sales

Aug 16, 2018 8:54 AM   By Rapaport News
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RAPAPORT... Mountain Province’s sales dropped at its July tender, as a lack of large and fancy stones led to a lower average price.

The miner sold 334,751 carats of diamonds from its Gahcho Kué mine for $22.2 million, at an average price of $66 per carat, it said Wednesday.

In June, Mountain Province garnered $30.3 million from the sale of stones from the mine, achieving a rate of $85 per carat. However, that figure included the sale of a 95-carat rough, which boosted the average price, as the stone sold for more than double the miner’s previous record for a single diamond.

Mountain Province and De Beers, its partner in Gahcho Kué, bid for the right to sell large stones and fancies from each run of production. In July, De Beers won the right to sell those diamonds.

The July sale was “well attended by customers despite the normal market slowdown which occurs in advance of the market’s summer break,” noted Reid Mackie, the miner’s vice president of diamond marketing.

Mountain Province also noted a slight weakening of prices for smaller, lower-priced diamonds at the July tender. That, combined with the smaller offering of fancies and specials, resulted in the lower overall average price.

Mountain Province won the bid for the fancies and specials from the most recent production from Gahcho Kué. It plans to sell those stones later this year.
Tags: De Beers, Gahcho Kué, july, mountain province, Rapaport News, Reid Mackie
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