Menu Click here
website logo
Sign In| Sign Up
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
Diamond trading
Search for Diamonds Manage Listings IDEX Onsite
diamond prices
Real Time Prices Diamond Index Price Report
news & research
Newsroom IDEX Research Memo Search News & Archives RSS Feeds
back back
MY IDEX
My Bids & Asks My Purchases My Sales Manage Listings IDEX Onsite Company Information Branches Information Personal Information
Logout
Newsroom Full Article

Revenue and Prices Down 20% at Mountain Province

January 29, 25 by John Jeffay

(IDEX Online) - Mountain Province saw revenue and prices both fall by a fifth during what the company said was a "challenging year".

The Canadian miner reported total sales of $195.2m during 2024, down from $243.8m in 2023 (all figures USD) from 2.7m carats in both years. Average price per carat was $72, down from $90.

"The challenge for the company in 2024 was the diamond market, which was in a down-cycle," said CEO Mark Wall.

But he said 2024 was also a year of production records (ore tonnes mined and treated) and cost control, although it recovered fewer carats.

Mountain Province, together with De Beers, its joint venture partner in the Gahcho Kue mine, in Canada's Northwest Territories, recovered a total of 4.7m carats in 2024, down 16 per cent on 2023. Mountain Province has a 49 per cent share.

Reid Mackie, vice president of sales and marketing, said the business had been impacted by China and lab growns, but the price outlook  for the medium to long term remained positive.

He said: "2024 was a challenging year for the diamond industry, with all sectors impacted by the continued weakness of Chinese domestic retail demand and the uncertainty surrounding higher volumes of cheaper, lab grown diamonds.

"Polished and rough diamond prices remained under pressure, and many rough producers held back supply in anticipation of a recovery. At year end, industry confidence and market sentiment remained low, and these challenges are expected to continue until full results from the important holiday retail season are known.

"For the first half of 2025, producers who curtailed supply are expected to integrate their stock back into the diamond pipeline commensurate with demand."

Pic courtesy Mountain Province.

Diamond Index
Related Articles

Mountain Province Sales Up, Prices Down

October 22, 24 by John Jeffay

Read More...

Mountain Province Losses Increase in "Challenging Market"

November 07, 24 by John Jeffay

Read More...

Newsletter

The Newsletter offers a quick summary of the past week's industry news and full articles.
Our Services About IDEX Privacy & Security Terms & Conditions Sign-Up Advertise on IDEX Industry Links Contact Us
IDEX on Facebook IDEX on LinkedIn IDEX on Twitter