Mountain Province Diamonds Inc. announced production and sales results for the full year ended December 31, 2021 from the Gahcho Kué Diamond Mine.
Full-year 2021 production of 6.23 million carats against the guidance of 6.30 - 6.50 million carats.
During FY 2021, 3,158,418 carats were sold at an average value of $94 per carat (US$75 per carat) for total proceeds of $298.4 million (US$236.9 million) in comparison to 3,329,289 carats sold at an average value of $68 per carat (US$51 per carat) for total proceeds of $227.0 million (US$171.3 million) in FY 2020.
Sentiment in the rough diamond market continues to be buoyant. Strong diamond jewellery sales during the holidays and lower rough diamond supply volumes from the major producers are expected to maintain this positive momentum through to the company's upcoming January sale.
Medium to longer-term, the company's outlook for rough diamonds remains positive. Retail diamond jewellery sales in the important US market confirm a growing preference for smaller, lower-priced diamonds which align well with the diamond profile of the Gahcho Kué Mine.
The closure of the Argyle diamond mine combined with reduced global rough diamond production is expected to further support prices as demand to replenish inventories of these diamond categories continues, the company's press release says.
Alex Shishlo for Rough&Polished
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