Claddagh blog - Diamond news - Mountain Province

Mountain Province, a diamond mining company, is expecting robust trading at its rough diamond tender this month, following a growth in sales in 2022 and a positive holiday season for retailers. The company reported that revenue climbed 25% to $297.3 million last year, while sales volume dropped 16% to 2.7 million carats. However, the average price of diamonds surged 49% to $112 per carat.

The company attributes this to the "resilient" rough diamond market and a boost in diamond-jewelry sales during the holidays. The company further stated that lower rough diamond supply volumes from the major producers are expected to maintain these stable prices through to the company's upcoming January sale.

In 2022, the company recovered 5.5 million carats from the Gahcho Kué mine in Canada, which is 1.4% below its guidance of 5.6 million to 5.8 million carats. This figure includes all production at the mine, including the 51% share belonging to joint-venture partner De Beers. Mountain Province owns the remaining 49% of the mine.

In the fourth quarter of 2022, output came to 1.6 million carats, which is 7% higher than a year earlier. Sales for the October-to-December period rose 6% to $71.3 million. A 13% rise in the average price to $94 per carat outweighed a 6% drop in sales volume to 757,830 carats.

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