Varvara Dmitrieva: The jewelry industry of Yakutia is distinguished by its creativity, unique cultural code and conservation of traditions

Varvara Dmitrieva, Associate Professor and Head of the Department of Precious Stones and Metals Processing Technologies of the North-Eastern Federal University, told Rough&Polished about the results of the Forum of jewelry Craftsmanship and the prospects...

16 april 2024

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Mountain Province Diamonds announced Full Year 2023 production and sales results

29 january 2024

Mountain Province Diamonds Inc. announced full-year 2023 full-year 2023 production and sales results from the Gahcho Kué Diamond Mine.

In 2023 5.6 million carats were produced against guidance of 5.6 – 6.1 million carats.

Approximately 2.7 million carats were sold at an average value of $121 per carat (US$90 per carat) for total proceeds of $328.6 million (US243.7 million).

This compares to 2.7 million carats sold at an average value of $146 per carat (US$112 per carat) for total proceeds of $388.8 million (US$297.3 million) in FY 2022.

Mark Wall, the Company's President and Chief Executive Officer, commented:

"Q4 2023 was the highest carat producing quarter of 2023. The mid-year major shutdown of the processing facility contributed to this result by delivering an average H2 operating plant utilization rate (OPU) of 84%, which was well above the average H1 2023 performance of 73%. We expect to carry this momentum into 2024 notwithstanding some expected seasonal reduction in performance numbers in the early months, due to cold weather. Mining in Q4 2023 was also the best quarter of 2023 with approximately 9.8 million tonnes mined which was, in part, driven by improved haul truck availability, as a result of maintenance improvement initiatives".

"On the sales front, a finer assortment of goods held back from previous quarters were sold during Q4 2023. The addition of these goods in Quarter sales resulted in a lower average value per carat sold in Q4 2023, relative to prior quarters. Sales in the Quarter were also impacted by the two-month moratorium on imports by the Indian Diamond Industry. This moratorium finished in mid-December 2023, during which we completed our final sale of 2023. Regarding the rough diamond market, the market is now reopened and we continue to monitor it closely to maximise value from our sales pipeline," said Wall.

Alex Shishlo for Rough&Polished