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Mountain Province rakes in $24.2 mln from eighth diamond sale
The company said that it registered “good” price bids for its better quality larger goods.
“We are encouraged to see positive diamond jewellery retail sales and we believe that with a positive retail selling season we will see better demand for rough diamonds in the near future," said company chief executive Stuart Brown.
Image credit: Mountain Province Diamonds
The company said that it believed the price pressure was predominantly driven by the recent rapid weakening of the Indian Rupee against the US Dollar and to some extent the seasonal lower demand for rough diamonds ahead of the Diwali celebrations.
Meanwhile, Mountain Province said it had noted some good reporting of diamond retail jewellery sales particularly in the US where demand remained strong.
“This news is supportive as we enter into the major selling seasons for the US and Far East markets,” it said.
“Consumer sentiment in the US remains strong on the back of a healthy economy and strong labour market.
“The Chinese retail market, and the jewellery retail in particular is also strong and showing positive momentum despite the most recent uncertainty in Chinese Capital Markets.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished