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Large Stones Keep Mountain Province on Track

Sep 13, 2018 4:42 AM   By Rapaport News
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RAPAPORT... Mountain Province’s sales increased at its August tender, as larger stones and higher-than-expected production boosted results.

The miner sold 411,317 carats of diamonds from its Gahcho Kué mine for $26.9 million, at an average price of $65 per carat.

“Consistent with the wider rough-diamond market, prices saw single-digit decreases overall,” said Reid Mackie, the miner’s vice president of diamond marketing. “Lower qualities and smaller sizes experienced price pressure, but our 10.8-carat-plus specials performed well and made a strong contribution to the higher total sale result.”

In July, a lack of large and fancy diamonds led to a decrease in the miner’s sales to $22.2 million at $66 per carat.

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 August, Mountain Province won the right to sell those diamonds.

Production from the mine exceeded expectations, yielding higher grades that boosted total sales, CEO Stuart Brown noted.

Image: Diamond from Gahcho Kué mine. Credit: Mountain Province
Tags: De Beers, Gahcho Kué, mountain province, Rapaport News, Reid Mackie, stuart brown
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