Mountain Province Diamonds Inc. announced yesterday that it had realised US$ 26.9 million from its seventh diamond sale of 2018, which was completed on August 31. The Company said the result was “pleasing” considering the time of the year and the diamonds on offer.

A total of 411,317 carats were sold at an average realized value of US$ 65 per carat, Mountain Province reported.

“Our seventh sale generated high competition levels which allowed us to sell all lots and achieve full revenue,” said Reid Mackie, the Company’s Vice President Diamond Marketing. “Consistent with the wider rough diamond market, prices saw single digit decreases overall. Lower qualities and smaller sizes experienced price pressure but our +10.8 carat specials performed well and made a strong contribution to the higher total sale result." 

Said Stuart Brown, the Company’s President and Chief Executive Officer, “The seventh sale of the year totalling US$ 26.9 million was a pleasing result considering the time of the year and the diamonds on offer.  The production from the mine and the plant continue to outperform our expectations with the higher grades continuing to help generate more carats which contribute to our positive cash generation.”