Burgundy Diamond Mines provided its financial and operating results for the first quarter (Q1 2024) ended March 31, 2024. Burgundy maintained a robust EBITDA of $26 million, up 49% from Q1 2023 and recorded record revenues of $117 million.
“The opening quarter of 2024 represents our third period in charge after our Arctic Canadian Diamond Company acquisition in June last year, and we are pleased with the number of improvements made in less than eleven months of ownership,” said Kim Truter, Chief Executive Officer at Burgundy Diamond Mines.
“We remain focused on three key points, including meeting our mining targets, operational optimisation, and mine life extension; and I believe we have delivered on this already. As the diamond market strengthens, we are enviably positioned to benefit – this will mark an exciting time to be a Burgundy shareholder.”
First quarter highlights (three months ended March 31, 2024) are, 1: Carats recovered: 1.15 million, decreased 3% (Q1 2023: 1.18 million), including a 23.15-carat fancy intense yellow diamond, 2: Carats sold: 1.32 million, increased 65% (Q1 2023: 0.80 million).
Despite broad softening in the polished diamond market, Ekati product has continued to generate strong buyer interest and high sell-through rates. The quality of the Ekati diamonds and Canadian provenance, remain highly valued in the market, supporting Burgundy’s sales events in line with its vertically integrated business model, which is focused on capturing margins across the full diamond value chain.
Burgundy is scheduled to host a high value fancy debut viewing in Dubai during the second quarter, featuring the 23.15 carat intense fancy yellow diamond recovered from Ekati in January.
“The more access we have to the global market, the more bids we receive from clients looking for a reliable, long-term, high-quality product from an unwavering ethical standard – it’s that simple,” Truter added. “In five years’ time, we will potentially be the only producer in the largest diamond-consuming continent, North America.”
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