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MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
SourcingDec 29, 2020
157-Carat Diamond Recovered from Gahcho Kué Mine
The discovery marks the largest diamond found by Mountain Province Diamonds.
This 157.40-carat diamond of “exceptional quality” was found in Gahcho Kué mine located in Canada’s Northwest Territories.
Toronto—Mountain Province Diamonds Inc announced its biggest diamond find to date from the Gahcho Kué mine located in Canada’s Northwest Territories.
The miner recovered a 157.4-carat diamond of “exceptional quality.”
"The recovery of the largest ever diamond and the successful bid was certainly a boost to the morale of the company,” said CEO Stuart Brown.
“It shows that the mine, although a high-volume producer of predominantly smaller diamonds, does produce diamonds of exceptional size and quality."
The biggest diamond ever found in Canada, a 552.74-carat yellow CanadaMark diamond, was also recovered in the Northwest Territories in October 2018 at Dominion Diamond Mines’ Diavik mine.
Looking to the fourth quarter overall, Mountain Province Diamonds sold 956,348 carats for $80.2 million Canadian dollars ($61.7 million) for an average value of $83.82 Canadian dollars per carat ($64.53).
The company said it saw continued price recovery throughout the quarter with most sales categories finishing above pre-COVID-19 values.
The results are “very encouraging,” said Brown, noting the challenges faced by the diamond industry amid the pandemic.
"Rough diamond prices, in the larger and better-qualities have been exceptional and pleasingly we saw further improvement in the smaller and lower quality diamonds which we believe will continue to strengthen in 2021,” said Brown.
The Gahcho Kué Mine is a joint venture between De Beers Canada Inc. (51 percent) and Mountain Province Diamonds (49 percent).
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