Mountain Province reaps a solid outcome
Mountain Province Diamonds Inc announces the results of its recently completed third diamond sale of 2018.
Market conditions leading up to this third sale were consistent with those experienced during the first two sales of the year. Prices in the larger, better quality goods were stable to firmer, while those for smaller lower-quality goods softened slightly consistent with seasonal expectations.
In general, conditions were firmer through the first quarter of 2018 than those experienced in the opening quarters of recent years. Customer participation continued to be robust, with 171 companies attending the tender and an average of 12.9 bids received per lot.
Said Reid Mackie, the Company's Vice President Diamond Marketing, "This represents a solid outcome for our third sale of the year. We are encouraged to see high demand levels maintained at our tender process, and the underpinning of price gains we achieved at sales during this past quarter."
Production statistics for the full first quarter of 2018 are anticipated to be released. Said David Whittle, the Company's Interim President and Chief Executive Officer, "We are very pleased with the results of this sale. Exceeding our expectations, they indicate a positive year-on-year firming trend within diamond markets generally."
