Mountain Province Sales Slip Amid Weak Rough Prices

Mountain Province’s revenue fell in 2025 as the diamond industry faced challenges that resulted in weak rough prices.

Sales of rough from the company’s Gahcho Kué mine in Canada dropped 43% to $111.5 million last year due to difficult market conditions and uncertainty regarding US tariffs, it said Tuesday. Other issues pressuring the rough-diamond prices were the lab-grown trade and geopolitical factors.

Sales volume declined 30% to 1.9 million carats, while the average price slid 18% to $59 per carat, the miner reported.

Production for the full year slipped 9% to 4.3 million carats, at the lower end of Mountain Province’s guidance of 4.3 million to 4.7 million carats. Mountain Province’s share of production came to 2.1 million carats. The Canadian miner owns 49% of the project, while De Beers holds the remaining 51%.

In the fourth quarter, output came to 1.9 million carats, 109% higher than a year earlier. Mountain Province’s portion was 912,309 carats. Sales for the October-to-December period were down 10% to $33 million as a 24% dip in the average price to $52 per carat outweighed a 16% rise in sales volume to 634,333 carats.

The company expects production for 2026 to be between 6.6 million and 7.2 million carats. Meanwhile, sales volume for Mountain Province’s share of rough will be 3.4 million to 3.8 million carats, it noted.

“Diamond-market conditions remain very difficult, with continued pressure on rough-diamond pricing due to uncertainty surrounding US tariffs, geopolitical factors, and the ongoing threat from lab-grown diamonds,” said Mountain Province CEO Jonathan Comerford. “In response, the difficult decision was made to suspend the Tuzo Phase 3 project [to expand Gahcho Kué] to preserve cash and maintain financial flexibility.”

Image: The Gahcho Kué mine. (Mountain Province)