Rough Prices Rise at Mountain Province Sale

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RAPAPORT… Mountain Province saw rough prices rise 8% on a like-for-like basis at its first sale of the year, as demand strengthened.

The miner sold 241,827 carats from its Gahcho Kué mine in Canada — jointly owned with De Beers — for $21.8 million at this month’s tender in Antwerp, averaging $90 per carat, the company reported Monday. Average prices at that event, which closed January 22, surpassed the $61 per carat achieved at last month’s sale.

“The first sale of the year was excellent — the growing confidence amongst rough-diamond buyers translated into a healthy price improvement…when compared to our record high-volume December sale,” said Mountain Province CEO Stuart Brown. “We expect to see a continuation of the positive trend as rough and polished markets continue to strengthen post a successful retail season.”

At the February tender, Mountain Province will sell a 157-carat diamond that it recovered recently. The stone, named Polaris after the North Star, exhibits a natural blue fluorescence, and is one of several high-value stones the miner will offer at the sale.

Image: The 157-carat rough diamond. (Mountain Province)

Source: Diamonds.net Rapaport

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