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Mountain Province Diamonds sees 'positive momentum' in sector

Kitco News

Mountain Province Diamonds announced today Q3 revenue from 956,000 carats sold at $35.3 million at an average realised value of $37 per carat compared to $41.6 million from 791,000 carats sold in Q3 2019 at an average realized value of $53 per carat.

Production dropped with 821,000 tonnes treated, an 8% decrease from the 891,000 tonnes treated in Q3 2019.

During the most recent quarter, the company re-started its traditional sales process in Antwerp.

CEO Stuart Brown said the diamond market is recovering.

"After a sustained period of negative news with respect to the diamond industry and dealing with the impact of the COVID-19 pandemic, we are pleased to see that the market for rough diamonds is starting to show some positive momentum. In the third quarter we have seen prices recovering close to pre-COVID levels from the lows seen during the peak of the pandemic," said Brown.

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