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Mountain Province fetches US$26.9M from 7th diamond sale of 2018

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Mountain Province fetches US$26.9M from 7th diamond sale of 2018

Mountain Province Diamonds Inc. said Sept. 6 that it fetched US$26.9 million in revenues from its seventh diamond sale of the year.

The company sold 411,317 carats at an average realized price of US$65 per carat.

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

President and CEO Stuart Brown said production from the Gahcho Kué diamond mine and plant in Canada's Northwest Territories continues to exceed expectations as higher grades help generate more carats and contribute to the company's positive cash generation.

Mountain Province holds a 49% interest in the Gahcho Kué joint venture; De Beers SA owns the remaining 51%.