Mountain Province Diamonds which owns 49% of the Gahcho Kué diamond mine in Canada's Northwest Territories jointly with De Beers, has reported preliminary operational and financial results for the second quarter of 2024.
During the quarter, the company sold 557,361 carats for total proceeds of CAD$56.8 million ($41.5 million), compared to 360,308 carats for CAD$59.9 million ($44.6 million) in the same period of last year. The average diamond price fell from CAD$166 per carat ($124 per carat) to CAD$102 per carat ($74 per carat).
Output from the Gahcho Kué mine for the reporting period slipped 2% to 1.3 million carats, with the company processing lower-grade ore. An increase in the total processing volume partly balanced the decrease in grade.
“The diamond market continues to be softer than anticipated. At a macro level the return of demand in China has not materialized so far and the market is now expecting a more protracted U-shaped recovery in diamond demand,” said Mountain Province president and CEO Mark Wall.
“We are also seeing a resurgence in US jewellers' interest in natural diamonds. The importance of diamond provenance continued to strengthen, which is helpful for Canadian diamond producers like Mountain Province."
Theodor Lisovoy, Editor in Chief, Rough&Polished
