Recently, Mountain Province Diamonds announces fourth quarter and full year 2024 production and sales results. Here is presented Q4 and FY 2024 Production Highlights. Mountain Province’s report say, 890,202 carats recovered during the Quarter at an average grade of 0.99 carats per tonne, 43% lower than comparable quarter in 2023 (Q4 2023: 1,572,696 carats at 1.84).
4,661,681 carats recovered during FY 2024 at an average grade of 1.28 carats per tonne, 16% lower than the comparable period in 2023 (FY 2023: 5,557,655 carats at 1.71).
During Q4 2024, 543,000 carats were sold for total proceeds of $52.0 million (US$36.7 million), resulting in an average price of $96 per carat (US$68 per carat). These results compare to Q4 2023, when 918,000 carats were sold for total proceeds of $79.8 million (US$59.9 million), resulting in an average price of $87 per carat (US$64 per carat).
For the FY 2024, 2,718,000 carats were sold for total proceeds of $267.7 million, resulting in an average price of $98 per carat (US$72 per carat). These results compare to 2023 sales of 2,718,000 carats for total proceeds of $328.6 million (US$243.8 million), resulting in an average price of $121 per carat (US$90 per carat).
Reid Mackie, the Company’s Vice President of Sales and Marketing, commented, “2024 was a challenging year for the diamond industry, with all sectors impacted by the continued weakness of Chinese domestic retail demand and the uncertainty surrounding higher volumes of cheaper, lab grown diamonds. Polished and rough diamond prices remained under pressure, and many rough producers held back supply in anticipation of a recovery.
At year end, industry confidence and market sentiment remained low, and these challenges are expected to continue until full results from the important holiday retail season are known. For the first half of 2025, producers who curtailed supply are expected to integrate their stock back into the diamond pipeline commensurate with demand.
In the medium to long term, price outlook remains positive. Rough diamond supply levels are expected to align with reduced production levels from the mines while demand for branded, natural diamond jewellery with positive origin stories continue to grow.”
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