Mountain Province Diamonds Inc. announced operating and sales results for the third quarter ended September 30, 2023 from the Gahcho Kué Diamond Mine.
1,326,160 carats recovered, 9% lower than the comparable quarter (Q3 2022: 1,451,455 carats). Average grade of 1.51 carats per tonne, a 15% decrease relative to Q3 2022 (1.78 carats per tonne).
During the third quarter, 478,653 carats were sold for total proceeds of C$60.3 million (US$45.3 million), resulting in an average price of C$126 per carat (US$95 per carat). These results compare to Q3 2022 where 805,227 carats were sold for total proceeds of C$110.6 million (US$83.3 million), resulting in an average value of C$137 per carat (US$103 per carat).
The relative reduction in volume sold in Q3 2023 reflects the company's decision to strategically stock a sub-set of the lower value goods available for sale in order to defend its prices in the rough market.
The diamond market is experiencing very low levels of demand since returning from the August holiday period. Macro-economic concerns and delays to post-Covid restocking of diamond jewellery in China have motivated diamond polishers to adopt conservative rough diamond buying and reduce polished inventories, Mountain Province noted.
Alex Shishlo for Rough&Polished
