Mountain Province Diamonds Inc., which recently completed its ninth diamond sale of the year, announced that it had earned US$ 19 million for a total of 288,000 carats; realising a per carat price of US$ 66.

While quantities were lower than the eighth sale at which the Company sold a total of 353,000 carats for US$ 21.3million, the price per carat realised was higher as compared to that of US$ 60 realised for the previous sale.   

“Pricing in this ninth sale was stable to firm, with prices across the full assortment profile generally averaging about 2% higher than the eighth sale,” Mountain Province reported. “The increase in average price realisation is primarily a result of an improved quality distribution in the larger stone sizes and increased demand for lower value assortments.”

“Despite caution reported in the rough markets after the return from Indian and Jewish holidays, customer participation metrics at our ninth sale were strong with over 150 companies attending the tender, average bids per lot reaching our highest level to date at 11.9, and return customers purchasing 88% by value,” commented Reid Mackie, Vice President Diamond Marketing, of Mountain Province. “This, combined with firming of price-points in our lower qualities and sizes, demonstrates the ability of our tender process to harness positive outlook in the market following encouraging news from the Asian and US retail markets.”

David Whittle, the Company’s Interim President and Chief Executive Officer said: “I am pleased to report that Gahcho Kué mine operations is continuing its solid track record, not only in terms of plant performance but with our highest monthly recovered grade to date. This result is a testament to the quality of the mine operating team, which along with the consistent performance of our marketing group is a driving factor behind the strong operating margins we are generating.”