Mountain Province Diamonds, a 49% participant with De Beers in the Gahcho Kué diamond mine in Canada, has reported a 43% decrease in sales to $111.5 million in 2025.
Sales volumes were down 30% to 1.9 million carats, while the average price fell 18% to $59 per carat. A finer assortment of goods held back from previous quarters was sold during Q4 2025, resulting in a lower average value per carat sold.
Full-year diamond output decreased 7% to 4.3 million carats. However, diamond production more than doubled in Q4 2025 to 1.86 million carats, compared to just 0.89 million carats in the same period of the prior year.
The company flagged that "very difficult" diamond market conditions remain in place. Continued pressure on rough diamond pricing due to uncertainty surrounding U.S. tariffs, geopolitical factors, and the ongoing threat from lab-grown diamonds led to both lower sales and cost cutting measures.
Joint venture partners have made the decision to pause the Phase 3 expansion of the Tuzo deposit following a "careful assessment of the project's economics considering the prevailing market environment." Mountain Province said that even though the project has demonstrated strong potential, current market conditions have prompted a "measured approach" to its development.
They also mulled laying off 5% of staff at the Gahcho Kué mine, according to media reports.
Theodor Lisovoy, Managing Editor, Rough&Polished
