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Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

Yesterday

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

Mountain Province Diamonds announces March 31, 2018 quarter end results

14 may 2018

Mountain Province Diamonds Inc. announced its financial and operating results for the quarter ended March 31, 2018. All figures are expressed in Canadian dollars.
Earnings from mine operations of $24.6 million and net income of $0.7 million or $0.00 per share for the first quarter of 2018 with adjusted EBITDA1 of $33.2 million. Approximately 786,000 tonnes of ore were treated through the process plant and 1,641,000 carats recovered, on a 100% basis, for an average recovered grade of 2.09 carats per tonne, in line with budget. The Company’s 49% attributable share of diamond production for the three months ended March 31, 2018 was approximately 804,000 carats.
Quarter end cash position of $28.7 million and net working capital of $113.5 million.
The Company conducted two tender sales in the first quarter of 2018, through it diamond broker based in Antwerp, Belgium. Mountain Province anticipates conducting three tender sales in the second quarter, two tender sales in the third quarter and three tender sales in the fourth quarter.
Total sales of $67 million (US$52 million) in the first quarter of 2018. Revenue was realized through the first two tender sales of the 2018 year. Average realization in the first quarter was $126 Canadian dollars per carat sold (US$99 per carat). Customer participation rates at the Company’s two tender sales concluded in the first quarter were very strong. The average number of customers placing bids increased by 30% over 2017 levels and the number of bids received per lot increased from an average of eleven in 2017 to over fourteen this quarter. The average number of lots per sale (164, compared with an average 125 in 2017) was elevated due to the large number of individual fancy and special stones which were marketed as individual stone lots.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV, located in Canada's Northwest Territories.

Alex Shishlo, Editor of the Rough&Polished European Bureau in Brussels

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