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Economy

Mountain Province Diamonds sale shows 8% price increase


Mountain Province Diamonds, part-owner of the Northwest Territories’ Gahcho Kué mine, says its first sale of 2021 showed an increase in the price of rough diamonds. 

The sale closed on January 22 in Antwerp, Belgium, and included 241,827 carats for $27.8 million, or an average of $115 per carat. 

According to the company’s president and chief executive, Stuart Brown, that’s an increase of eight percent compared to its sale in December.

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“The first sale of the year was excellent,” he said. “We expect to see a continuation of the positive trend as rough and polished markets continue to strengthen post a successful retail season.”

Many diamond companies, including Mountain Province, struggled to make sales during the onset of the global Covid-19 pandemic in early 2020. 

Polaris, named after the North Star, is a 157-carat diamond recovered at Gahcho Kué. It appears colourless in daylight but is deep blue under ultraviolet light. Photo: CNW Group/Mountain Province Diamonds Inc

Brown said the company’s next sale, planned for February, will include a 157-carat diamond recently recovered at Gahcho Kué.

The gem, named Polaris after the North Star, appears colourless in daylight but is deep blue under ultraviolet light.

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