During the December quarter, 1,789,503 carats were sold for total proceeds of $166 million, with an average selling price of $93 per carat. These results compare to Q4 2022 where 1,273,725 carats were sold for total proceeds of $121 million, with an average selling price of $95 per carat.
Total revenue for Q4 CY23 was slightly lower than previously reported December quarter sales of $170 million due to some amounts not being paid by customers prior to quarter close, however all outstanding funds were received in early January.
Despite some market softening in the sales of cut and polished diamonds, and the resulting decline in demand for rough diamonds, Ekati product has continued to generate strong buyer interest and high sell- through rates. The quality of the Ekati product and Canadian provenance remain highly valued in the market, supporting the Company’s sales events in line with its vertically integrated business model to capture margins across the full diamond value chain.
The increased focus on provenance and traceability is highlighted by the ongoing efforts of the G7 sanctions to restrict the flow of Russian diamonds, which should further restrict the supply of natural diamonds to the market, ultimately leading to increased prices.
The Company completed four auction sale events in the December quarter including one for special stones. During the December quarter the company sold all available rough diamond inventory except for the special stones that are consolidated for those special auctions held at specified times throughout the year.
The remaining rough diamond inventory consists of product that is not yet ready for sale but continues to progress through the normal production process managed by the Company.
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