Mountain Province Diamonds Earns US$28.3 Million in Fourth Sale

Mountain Province Diamonds (TSX:MPVD,NASDAQ:MPVD) released the results of its recently completed fourth diamond tender sale of 2018. Total proceeds from the sale were US$28.3 million (C$36.2 million), the highest total for any tender result to date.

Mountain Province Diamonds is a 49 percent participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.

As quoted in the press release:

Market sentiment remained positive coming out of the April holidays and into the fourth selling cycle. Customer participation was healthy with 191 companies attending the tender and an average of 12.4 bids received per lot.

“Our fourth sale results reflect the overall positive sentiment in the rough diamond market, driven by the strong fundamentals of stable rough supply and positive news from the major retail markets. Larger size gem categories again attracted high interest levels from customers, delivering record prices for some on a per carat basis. Prices for the remaining categories of goods generally remained stable, with a marginal market price increase for these goods over our third sale results,” said Reid Mackie,  VP of diamond marketing.

Click here to read the full press release