Young Diamantaires: We create initiatives for the benefit of diamond communities worldwide

The World Federation of Diamond Bourses recently launched its Young Diamantaires website. The organization has worked for the past four years with young members of the diamond community all over the world to create a platform through which they can express...

29 june 2020

Those who implement the right anti-crisis strategies have more chances

It is not surprising that because of the pandemic and the crisis, the most heated debate in the jewellery industry is about what is happening and the possible ways of survival. Irina Slesareva, an expert, art director of the Russian Diamond Line contest...

22 june 2020

The secondary diamond market in Russia is not mature although its prospects are huge

Pavel Barannik, the founder and head of the Moscow Gemological Laboratory, the founder of the Gemological Institute and President of the Moscow Diamond Club, graduated from the Gemological Institute of America (GIA). He is an expert and consultant...

15 june 2020

Johan Erikson: The industry needs to spend more on advertising and marketing

First Element is a fully independent Diamond Services Company registered in Belgium, Botswana, South Africa and Dubai. First Element is committed to providing a world class diamond service aimed at adding value to the entire supply chain, from the daily...

08 june 2020

African diamond firms on COVID-19 response, recent developments

Rough & Polished recently contacted several diamond producers and exploration companies with operations in Africa to establish how their operations were affected by the Covid-19 pandemic and what they are doing to alleviate the impact. We also sought...

01 june 2020

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.   

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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