Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

“We are building a new state-of-the-art tender facility,” says Ahmed Bin Sulayem, Executive Chairman, DMCC

Ahmed Bin Sulayem certainly needs no introduction being widely popular globally as one of the leaders of modern Dubai. As the Executive Chairman of DMCC, Ahmed Bin Sulayem has played and continues to play a key role in establishing and positioning DMCC...

20 may 2019

De Beers scaling up Tracr ahead of formal launch

De Beers tracked 100 high-value diamonds along the value chain during the pilot of Tracr™, its industry blockchain platform, for the first time in May last year. A De Beers spokesperson Bianca Ruakere told Rough & Polished in an exclusive interview that...

13 may 2019

Mountain Province provides guidance for FY 2019 and an update on company's performance in 2018


29 december 2018

mountainprovince_logo.pngMountain Province Diamonds Inc. provided guidance for fiscal year 2019 for the Gahcho Kué Mine as well as an update on company's performance in 2018. 
In 2019 the company processed from 3.1 to 3.2 million tonnes of ore and recovered 6.6 – 6.9 million carats. The production costs stood at CAD110 – 120 per tonne processed while the production costs per carat recovered were CAD50 – 54 (all figures quoted on a 100% basis).
In addition to the 2019 guidance, the Company also provided a 3-year production outlook for the Gahcho Kué Mine.
The production guidance over the three-year period 2019 to 2021 is evidence of a sustainable and smooth mining rate as the mine performance maintains a steady state. In the near term, ore tonnes mined and processed for 2019 will be predominantly from the Hearne.
The mine has performed well in 2018 and there is high confidence that the tonnes treated will be on target for the year and carats recovered will be above the upper end guidance of 6.6 million carats, all of which will be achieved within the expected working cost and capital budgets stated for 2018.
Stuart Brown, the Company's President and Chief Executive Officer commented, "We will continue to build on our operational success of the past year as we further explore all opportunities within our highly prospective land package. Our forecasts for 2019 and beyond demonstrate that our operating margins remain healthy and the mine continues to generate positive free cash flow to cover all our operating costs and debt service requirements while still being able to fund the potential expansion of the asset and continued debt reduction. Any surplus cash available after this will be considered for potential dividend payments."
Mr. Brown, added, "2018 has certainly been a difficult year for producers in the industry. The first half of the year was relatively calm with modest price increases seen across all categories of diamonds; however, from July onwards we have witnessed some price pressure, particularly in the smaller, lower quality diamond space. We did see a slight price improvement in the smaller lower quality goods in our recent 9th sale where we again sold all our available production. The improved sales performance was encouraging as we head into the peak diamond retail season, which if successful should hopefully translate into an improvement of confidence in the rough diamond market in 2019."

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