Mountain Province says recent diamond sale netted $24.2m
Toronto-based miner Mountain Province has netted $24.2-million from the sale of 366 505 ct in its most recent diamond sale, which the company says is in line with its expectations.
The sale, held on October 5, realised an average value of $66/ct.
Mountain Province, which is a 49% participant with De Beers in the Gahcho Kué mine in the Northwest Territories, reported strong bids for its better quality larger diamonds, while the average price for lower quality diamonds declined to the “mid-single digits”, driven by the rapid weakening of the Indian rupee against the US dollar.
"The eighth sale of the year totalling $24.2-million was a good result considering the current market and time of the year and we did well to sell all our categories at current best market prices.
“We are encouraged to see positive diamond jewellery retail sales and we believe that with a positive retail selling season we will see better demand for rough diamonds in the near future,” comments Mountain Province president and CEO Stuart Brown.
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