Industry News by Nemesis

Gahcho Kué Prices Hit New Peak at $95/ct.

June 29, 2017

Mountain Province Diamonds recorded its highest average price to date as it garnered $21.1 million at its June sale.

The fifth tender of rough from the company’s Gahcho Kué mine fetched $95 per carat, compared with $72 per carat in the first three sales and $86 per carat at the fourth. 

The results were high because the sale featured some of the fancy and special stones for which Mountain Province had successfully bid against mining partner De Beers, the company said Tuesday. The rest will be on offer at the July sale. Excluding these higher-value goods, the average selling price this month was $75 per carat, as the tender included relatively small and low-quality rough. 

The June tender drew more bids than any of the company’s sales so far, with repeat customers winning 75% of lots, Mountain Province said. 

“Very positive prices were realized on the fancies and specials, and prices realized on the remainder of the offering also exceeded expectations,” the company said. 

Mountain Province owns 49% of Gahcho Kué, with De Beers holding the remaining 51%. The two miners split the project’s regular run-of-mine rough production between them, and bid against each other for the fancy and special goods.

 

Source: Rapaport

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