RAPAPORT… Sales of rough diamonds at Mountain Province jumped in the third quarter amid strong demand ahead of the holiday season.
The company sold 1 million carats from its Gahcho Kué mine in Canada during the period, up 43% from the previous quarter, it said Monday. Revenue climbed 41% to $74.1 million, as the increase in volume outweighed a 1% drop in the average price to $72 per carat.
The continued robust demand the miner has seen this year has enabled it to repay its short-term debt far ahead of schedule, Mountain Province CEO Stuart Brown noted.
In the first nine months of the year, Mountain Province sold 2.3 million carats at an average price of $72 per carat, resulting in proceeds of $169.4 million.
“We’re extremely pleased to see the strong price increases achieved at sales in the first half of 2021 continue into the third quarter,” Brown added. “We expect the rough and polished markets to maintain momentum into the important holiday buying season, which should benefit our two remaining sales for the year.”
Image: A rough diamond. (Mountain Province)
Mountain Province Sees Buoyant Rough Sales
The Bottom Line
- Mountain Province sold 1 million carats in Q3, a 43% increase from the previous quarter.
- Revenue rose 41% to $74.1 million despite a 1% decline in average price per carat to $72.
- The company repaid short-term debt early, supported by robust demand and expects continued market momentum into year-end.
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