Vladimir Zboykov: New times have come for jewelers

How a personal collection of minerals was thrown on the scrap-heap, who is behind the destruction of gemstone consumption culture in Russia and why jewelers will soon have to choose between business and prison – all this was told to Rough & Polished...

Yesterday

Changing preconceptions in the diamond and financial markets

Eli Avidar is a man on the move…literally. In April, the former Israeli diplomat stepped away from the CEO’s office at the Israel Diamond Exchange, a position he had held for more than two years, and from the Israel Diamond Institute, where he had been...

13 august 2018

Chasing a dream…

Elina Chan, MD of Shenzhen Shi Qing Yu Zhubao Ltd completed her higher education from Xiamen University and Master’s degree from Hong Kong University. To achieve her dream to start a business, Elina gave up numerous job opportunities in Hong Kong and...

06 august 2018

Pangolin Diamonds using termites to find kimberlite indicators in Botswana

It is not a secret that the rate of kimberlite discovery in Botswana has dropped considerably and research has shown that termites can help diamond explorers have an understanding of the transport mechanism of kimberlite indicator minerals from the kimberlite...

30 july 2018

In another fifty years, we’ll have a different scale of valuation, and all those items of natural origin – including diamonds – will sharply increase in price

Within the framework of the Qatar-Russia 2018 Year of Culture, the World Diamond Museum hosts an exhibition of the Qatar Museums at the State Historical Museum in Moscow – "Pearls: Treasures of the Seas and the Rivers," that opened on 11 July...

24 july 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