Mountain Province Diamonds Inc.’s total proceeds from its latest sale which closed on November 14, 2018, amounted to US$ 17.7 million (C$ 23.3 million). A total of 245,751 carats were sold, realising an average price of US$ 72 per carat.

The results include the sale of fancies and specials to De Beers Canada, for which it was the successful bidder.

“We continued to see good price bids for our better quality larger goods where the majority of our value lies,” Mountain Province said in its statement announcing the results. “We saw a slight increase in the pricing for lower qualities and smaller sizes, compared to our previous two sales.”

The Company noted that given “recent reports of challenging market conditions” in the rough diamond industry, it found the results of its latest sale “very promising”.  

Mountain Province also found that the attendance levels and bids received at this sale were above its year-to-date average and “helped to achieve realistic prices in the current market for all categories of goods on offer”.

Stuart Brown, the Company’s President and Chief Executive Officer, commented: “Our sale for this cycle was an excellent result in the current market. We were very pleased that we saw a steadying of prices in the lower quality smaller goods.”