Business
Mountain Province Diamonds Announces Sales Results, and Upside Share of Profits from the Diamond Sales Agreement with Dunebridge Worldwide Ltd ("Dunebridge")
Mountain Province Diamonds Announces Sales Results, and Upside Share of Profits from the ...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n \n \n \n Mountain Province Diamonds Announces Sales Results, and Upside Share of Profits from the Diamond Sales Agreement with Dunebridge Worldwide Ltd (\"Dunebridge\")\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX and OTCQX: MPVD\n \n \n \n \n TORONTO\n \n and\n \n NEW YORK\n \n ,\n \n June 10, 2021\n \n /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX: MPVD) (OTCQX: MPVD) today announces the results of its second quarter diamond sales and the Company's upside share of profits from the Diamond Sales Agreement with Dunebridge dated\n \n June 11, 2020\n \n . All figures are expressed in Canadian dollars unless otherwise noted\n \n \n \n \n \n \n \n \n \n The Company is pleased to report the completion of its sales for the quarter, with 718,549 carats sold for total proceeds of\n \n $64.5 million\n \n (\n \n US$52.6 million\n \n ), resulting in an average value of\n \n $90\n \n per carat (\n \n US$73\n \n per carat). This Q2/21 sales result represents a 3% increase in US$ terms relative to the 603,000 carats sold for\n \n C$ 54.2 million\n \n (\n \n US$42.7 million\n \n ) in Q1/21 at (\n \n US$71\n \n per carat). The mix of diamonds sold varied across the quarters and on a direct comparison basis, second quarter market prices are approximately 18% higher than those achieved in the first quarter.\n \n \n Demand in the rough diamond market is robust, supported by polished diamond price increases and buoyant jewelry retail sales in the US and\n \n China\n \n . At our most recent sale held over the past two weeks in\n \n Antwerp, Belgium\n \n , the Company saw high demand and increased customer interest across all rough diamond categories.\n \n \n In addition to the Company's sales, in Q2/21 Dunebridge also completed the sale of all diamonds purchased from the Company in 2020 (see news release dated\n \n June 11, 2020\n \n for details on the agreement). After fees and expenses the Company received\n \n C$10.4 million\n \n (\n \n C$7\n \n /carat) this week being its total share of the val...