Mountain Province clocks second highest quarterly revenue in its history

Mountain Province Diamonds announced production and sales results for the second quarter ended June 30, 2022 from the Gahcho Kué Diamond Mine in Canada posting an increase of 16% over the previous quarter in rough sales by volume.
It said in a press release received by Rough&Polished that sales reached 586,763 carats providing for the second highest quarterly revenue in the Company's history amounting to US$76 million, as well as a 14% increase relative to that achieved in Q1 2022.
Mountain Province also outlined a positive price environment pointing to the unprecedented price growth during the Q1/22, which was instrumental to the company’s strong average value per carat of US$130 during the reporting period.
The rough diamond market continues to experience strong demand supported by solid US retail results, the press release said. Further support to the market is anticipated from jewellery retail in China as Covid restrictions ease in that country.
Mark Wall, the Company's President and Chief Executive Officer, commented: “Production during the quarter improved from Q1 and reached our daily targets over the past month.  The action plan that has been developed to drive operational improvements is working, however efforts to recover from the lower production throughout Q1 were slower than anticipated, and as such it is appropriate to provide updated production and cost guidance to the market. Despite this, I am pleased to see the diamond market continues to remain strong, with our second highest revenue in history achieved in Q2. With this improved financial position, we continue to remain on track with our refinancing and strategic objectives.”