Mountain Province Diamonds has reported a rise in revenue and carats sold during the third quarter of 2024, while its production volumes fell.
The company sold 679,599 carats of rough diamonds for $50.8 million at an average price of $75 per carat in Q3 2024 as compared to 478,653 carats sold for total proceeds of $45.3 million at an average price of $95 per carat year on year.
Meanwhile, its diamond production for the reporting quarter has decreased by 10% to 1,187,912 carats, from 1,326,160 carats in Q3 2023.
The company has maintained its production guidance for 2024 at 4.2 - 4.7 million carats, expecting it to be in the mid to upper portion of this range. Total tonnes mined is expected to finish lower than the bottom of guidance of 36 million tonnes.
"The rough diamond market during Q3 was unsettled by continued price decreases announced by leading polished diamond price indices. This was compounded by reports of delayed polished buying by downstream retailers and precipitated sales of polished stock by the industry midstream. Many rough producers addressed this by cancelling or delaying their rough diamond sales during the third quarter,” said Reid Mackie, Vice President of Diamond Sales and Marketing at Mountain Province.
“For Mountain Province, which held its usual two scheduled sales during the quarter, prices achieved were largely stable. We look forward to the upcoming holiday season demonstrating demand for diamond jewellery at retail and firming up rough diamond market sentiment."
Theodor Lisovoy, Managing Editor, Rough&Polished
