Robust Rough Market Boosts Mountain Province

RAPAPORT… Mountain Province reported strong sales during the fourth quarter, noting that rough prices surpassed pre-Covid-19 levels in most categories.

Revenue for the final three months of the year reached $61.7 million, the Canada-based mining company said Thursday. That represented an increase of 25% compared to the same period a year earlier. Sales volume grew 24% to 956,348 carats, while the average price achieved grew 1% to $65 per carat. Full-year revenue fell 18% to an estimated $171.2 million, according to Rapaport records.

“The diamond industry has faced immense challenges during 2020, so to end the year with such a strong sales performance is very encouraging,” said Mountain Province CEO Stuart Brown. “Rough diamond prices in the larger and better qualities have been exceptional, and pleasingly we saw further improvement in the smaller and lower-quality diamonds, which we believe will continue to strengthen in 2021.”

The company owns 49% of the Gahcho Kué mine in Canada’s Northwest Territories, with De Beers holding the majority stake. The mine yielded its largest diamond to date during the quarter, a 157.40-carat stone “of exceptional quality,” which Mountain Province will offer for sale during the first quarter of 2021.

Image: The 157.40-carat rough recovered at the Gahcho Kué mine. (Mountain Province)