Platinum’s rare nature gives it additional value and appeal

Huw Daniel is the CEO of Platinum Guild International, overseeing market development activities in China, Japan, India and the USA, on behalf of the platinum producers of South Africa. Before taking up this role in 2015, Huw ran PGI USA for 12 years...

13 september 2021

Marco Carniello: We want to continue to be the engine boosting the jewellery industry

Italian Exhibition Group (IEG) is a leader in Italy in the organisation of trade fairs and one of the main operators in the trade fair and conference sector at European level, with structures in Rimini and Vicenza, as well as further sites in...

06 september 2021

There is a significant need for smart and technological financial solutions in the diamond industry

MDPS, the Israeli start-up Fintech company from the Mazalit Group is gearing up to enter the diamond industry soon. Zeev Maimon, the CEO of MDPS is also the Founder / CEO of MAZALIT, a B2B payment platform designed and dedicated to the global diamond...

30 august 2021

The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

Alex Popov, President of the Moscow Diamond Exchange and head of the Âme jewelry brand, which uses lab-grown diamonds to produce jewelry, sat for an interview with Rough&Polished sharing his views on the coexistence of natural and man-made diamonds in...

23 august 2021

De Beers’ GemFair ropes in more than 160 Sierra Leone artisanal miners

De Beers inaugurated its GemFair pilot programme in Sierra Leone’s Kono District with 14-member mine sites in 2018 to create a secure route to market for ethically sourced artisanal and small-scale diamonds. GemFair programme manager Ruby Stocklin-Weinberg...

16 august 2021

Mountain Province Diamonds announces full year 2019 results

26 march 2020

Mountain Province Diamonds Inc. announced its financial and operating results for the full year ended December 31, 2019.  
The company treated 3,580,551 ore tonnes during FY 2019, a 12% increase from comparable period (FY 2018: 3,194,360). It recovered 6,820,631 carats during FY 2019 at an average grade of 1.90 carats per tonne, 2% slightly lower than comparable period (FY 2018: 6,936,894).
During FY 2019, 3,284,520 carats were sold at an average value of $84 per carat (US$63 per carat) for total proceeds of $276.3 million (US$208.2 million) in comparison to 3,252,491 carats sold at an average value of $96 per carat (US$74 per carat) for total proceeds of $311 million (US$240 million) in FY 2018.  
Sentiment in the rough diamond market became slightly more optimistic towards the end of 2019 and remained relatively positive in early 2020 during the first selling cycle of the year.  However, the rapid global spread of a novel coronavirus ("COVID-19") has reversed that momentum coincident with the surge in volatility in global capital markets. Though the full extent of the impact of COVID-19 is still unknown at the moment, the company believes, that the COVID-19 will have a material impact on 2020 sales.   

news_14062019_mountain.png
Image credit: Mountain Province


Mountain Province President and CEO Stuart Brown commented: "2019 was certainly another challenging year for the diamond market. Despite this the Gahcho Kué Mine had an exceptional year of production in FY 2019, achieving all its operational metrics, with a notable highlight being the 12% increase in the plant's throughput capacity. The operational performance and increased plant treatment capacity helped the Gahcho Kué Mine navigate through the challenging diamond market resulting in the company generating positive free cash flow and continuing to voluntarily reduce its debt.  
2020 year started off positively with a continuation of good production and a confidence boosting January sale in Antwerp. This positive momentum has now been swept aside by the COVID-19 virus that is having a devastating effect on the world. Together with De Beers Canada and our stakeholders, we are assessing a range of mitigating actions. Our immediate focus is to maintain a sense of calm while focussing on the health and safety of all our employees, contractors, our immediate communities and their families as we implement procedures to protect all of them. We are also taking all the necessary precautions to protect the mine site."

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