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Mountain Province Diamonds Announces Supply Agreement with Chow Tai Fook and Record Run-of-Mine Price per Carat Generated at Latest Sale
Mountain Province Diamonds Announces Supply Agreement with Chow Tai Fook and Record Run-o...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n \n \n \n Mountain Province Diamonds Announces Supply Agreement with Chow Tai Fook and Record Run-of-Mine Price per Carat Generated at Latest Sale\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 March 1, 2022\n \n /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\" or the \"Company\") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce that it has entered into a supply agreement with one of the world's largest and most respected jewellery retailers, Chow Tai Fook Jewellery Group Limited (Chow Tai Fook). Under the terms of the supply agreement with Chow Tai Fook,\n \n Mountain Province\n \n will provide a select range of diamonds over a one-year, renewable term.\n \n \n \n \n \n \n \n \n \n The Company also announces today the results of its most recent diamond sale which closed on\n \n February 25, 2022\n \n in\n \n Antwerp, Belgium\n \n . Total sales of 322,547 carats were achieved for total proceeds of\n \n $52.7 million\n \n (\n \n US$41.4 million\n \n ) resulting in an average value of\n \n $163\n \n per carat (\n \n US$128\n \n per carat). Adjusting for mix of goods sold, this result represents a run-of-mine price of\n \n $160\n \n per carat (\n \n US$126\n \n per carat), a new high-water mark for the Company since the inception of sales of Gahcho Kué goods, and which incorporates a 13% indicative market price increase relative to the Company's first sale of the year which closed on\n \n January 21, 2022\n \n .\n \n \n \n \n Reid Mackie\n \n , the Company's Vice President & Head of\n \n Diamond Sales\n \n and Marketing, commented:\n \n \n \n \"We are extremely proud to announce the formalisation of a supply agreement with Chow Tai Fook. This is an exciting opportunity for us to partner with a recognised industry leader, known for its discerning approach to diamond sourcing, unwavering focus on production excellence, and extensive retail network across\n \n Asia\n \n and\n \n the United States\n \n .\n \n Mountain...