Burgundy Diamond Mines reported interim update on the Company’s recent sales performance for the quarter. The Company has secured diamond sales of ~US$170 million for Q4 CY2023 to date, which is ~40% higher than the prior corresponding period in Q4 2022 of ~US$121 million. Currently, the Company has sold 1,975,198 carats in Q4 CY2023 to date, which is ~55% higher than the prior corresponding period in Q4 2022 in which a total of total of 1,273,725 carats sold.
“The sales results achieved for the fourth quarter demonstrate the strength of the Ekati asset performance, the value of Canadian provenance and how well our proprietary company auction process is managed. The market is also showing resilience and the benefit of stronger than expected retail sales as well as the responsible actions taken by the industry to manage the supply chain. We are confident in the strength of the natural diamond industry fundamentals where long-term demand is expected to outstrip supply.” Truter said.
The Company sold all available rough diamond inventory in Q4 except for the special stones that are consolidated for special auctions at specified times throughout the year. The remaining rough diamond inventory consists of goods that are not ready for sale but in the normal work in progress pipeline. Additional, more granular performance information will be provided in the Company’s formal upcoming Q4 CY2023 results release.
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