Mountain Province and Hong Kong-based jeweler Chow Tai Fook have agreed to a one-year, renewable rough-supply deal, according to the company.
As part of the agreement, the shop will receive a “selected range” of rough from the Canadian miner's Gahcho Kué location in Canada, the company announced on Monday. The partnership will offer the jeweler with an additional supply of rough diamonds at a time when demand for diamonds is high and supply is limited.
According to Conroy Cheng, executive director of Chow Tai Fook, “We are committed to maintaining robust and stable rough-diamonds procurement capabilities and meeting the growing consumer demand for quality diamond jewelry,” “Partnering with Mountain Province...will help us to achieve those goals.” said the team.
Because Chow Tai Fook is already a contract customer of De Beers, Rio Tinto, and Alrosa, the company is able to get regular allotments of rough from those mining companies. Mountain Province sells the majority of its rough through competitive bidding. The corporation, on the other hand, sold $100 million worth of rough to Dunebridge Worldwide, a company owned by Dermot Desmond, the company's largest stakeholder, in August 2020. Mountain Province received financial liquidity from the sale during a period in which its mine was closed and tenders were suspended as a result of the Covid-19 epidemic.
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