High price for lower qualities rough

Slight increase in the rough price of 

lower qualities & smaller sizes 

The latest diamond sale of Mountain Province is closed on November 14th 2018. These results include the sale of fancies and specials to De Beers Canada as part of the previous production split, where De Beers Canada was the successful bidder.

Total proceeds from the sale were US$17.7 million from 245,751 carats at an average realized value of US$72 per carat. We continued to see good price bids for our better quality larger goods where the majority of our value lies. We saw a slight increase in the pricing for lower qualities and smaller sizes, compared to our previous two sales.

These results are very promising, given recent reports of challenging market conditions in the rough diamond industry. As previously mentioned in our Q3 2018 conference call on November 13th 2018, sale metrics continue to support our confidence that our sales process in Antwerp is working very well and our goods across all categories are in demand.

Attendance levels and bids received at this sale were above our 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 said, “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.”