Burgundy's Hike in Q4 Rough Sales from Ekati

(IDEX Online) - Burgundy Diamond Mines has reported a 40 per cent increase in Q4 sales from Ekati, in Northwest Territories, Canada.

It sold 1,975,198 carats (a 55 per cent year-on-year increase) for $170m, as retail demand recovered and the industry took "responsible actions" to manage the supply chain. In the previous quarter, Q3 2023, it sold 784,000 carats for $90m.

Australia-based Burgundy completed the purchase of Ekati, (pictured) Canada's first diamond mine, from Arctic Canadian Diamond Company in July.

"The sales results achieved for the fourth quarter demonstrate the strength of the Ekati asset performance, the value of Canadian provenance and how well our proprietary company auction process is managed," said Kim Truter, Burgundy's managing director and CEO.

"The market is also showing resilience and the benefit of stronger than expected retail sales as well as the responsible actions taken by the industry to manage the supply chain. We are confident in the strength of the natural diamond industry fundamentals where long-term demand is expected to outstrip supply."

The miner said it sold all available rough diamond inventory in Q4 except for the special stones that are consolidated for special auctions at specified times throughout the year.