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Mountain Province Diamonds’ Sales For 2021 Exceed $298.4 Million

Updated on May 27, 2024

With over 40 years of expertise, Diamond Registry’s CEO and owner, Nissan Perla, is your trusted guide in the diamond-buying world. Recognized by prestigious publications like The Washington Post and Chicago Tribune, Nissan’s extensive knowledge and experience in evaluating, buying, and selling diamonds are unparalleled. Our commitment to integrity, transparency, and delivering exceptional value ensures that you make an informed decision when acquiring your timeless treasure. Choose Diamond Registry for personalized guidance, education, and a curated selection of the finest quality diamonds, backed by decades of industry expertise and dedication to your satisfaction.

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diamond sales 2021 rings
Published on March 5, 2024
Updated on May 27, 2024

Mountain Province Diamonds reports an increase in value and proceeds year over year.

What makes us your trusted partner

With over 40 years of expertise, Diamond Registry’s CEO and owner, Nissan Perla, is your trusted guide in the diamond-buying world. Recognized by prestigious publications like The Washington Post and Chicago Tribune, Nissan’s extensive knowledge and experience in evaluating, buying, and selling diamonds are unparalleled. Our commitment to integrity, transparency, and delivering exceptional value ensures that you make an informed decision when acquiring your timeless treasure. Choose Diamond Registry for personalized guidance, education, and a curated selection of the finest quality diamonds, backed by decades of industry expertise and dedication to your satisfaction.

Mountain Province Diamonds reports that in FY2021, 3,158,418 carats were sold at an average price of $94 per carat (US$75 per carat), generating $298.4 million (US$236.9 million) in total proceeds.

This compares to 3,329,289 carats sold in FY 2020 at an average price of $68 per carat (US$51 per carat), generating total revenue of $227 million (US$171.3 million).

Mark Wall, President and CEO, stated that 2021 was an excellent year for the Gahcho Kué diamond mine operations, and that navigating the COVID-19 pandemic and finishing 1% below production guidance demonstrates the operations’ management.

“Simultaneously, finishing with a preliminary cost per ton that is approximately 2% below the low end of the cost range is an excellent result. We end the year with production very close to guidance, lower costs, and increased revenue as a result of increasing demand and strengthening diamond prices, which provides an excellent foundation for 2022.”

Summary for the fourth quarter and fiscal year 2021

During Q4, 1,511,253 carats were recovered at an average grade of 1.86 carats per ton. 6.23 million carats produced in 2021, compared to guidance of 6.30 – 6.50 million carats

On a full year 2021 basis, preliminary unaudited mine level costs were $61 per carat, compared to guidance of $58-$63 per carat, and $123 per tonne treated, compared to guidance of $125-$135 per tonne treated.

Ore mined in 2021 totaled 3.6 million tonnes, compared to guidance of 3.3–3.5 million tonnes. Ore processed in 2021 totaled 3.1 million tonnes, compared to guidance of 3.15–3.3 million tonnes.

The additional ore tonnes mined were primarily as a result of waste tonnes being modelled as ore tonnes, which is beneficial for both 2021 and the mine’s life.

The mine is continuing to manage COVID-19’s impact on operations by employing a fully vaccinated workforce and adhering to stringent testing protocols.

The rough diamond market remains buoyant, the company reports, with strong holiday diamond jewelry sales and lower rough diamond supply volumes from major producers expected to maintain positive momentum this month.

The company’s outlook for rough diamonds remains optimistic over the medium to long term. Retail diamond jewellery sales in the critical US market confirm a growing preference for smaller, lower-priced diamonds that correspond to the Gahcho Kué Mine’s diamond profile, the report notes.

The closure of the Argyle diamond mine, combined with decreased global rough diamond production, is expected to support prices further as demand for these diamond categories continues to grow.

Production Highlights for the fourth quarter and fiscal year 2021 (All figures reported on a 100 percent basis unless otherwise stated)

Total tonnes mined during the quarter totaled 10,812,723 tonnes, a 10% increase over the comparable period (Q4 2020: 9,796,823). Total tonnes mined in FY 2021: 35,447,014 tonnes, a 1% decrease from the comparable period (FY 2020: 35,870,474).

There were 1,019,671 tonnes of ore mined during the quarter, a 21% increase over the comparable period (Q4 2020: 840,261). 3,561,417 tonnes of ore mined in fiscal year 2021, an increase of 8% over the prior year (FY 2020: 3,286,843).

813,308 tonnes of ore were treated during the quarter, a 10% increase over the comparable period (Q4 2020: 736,138). 3,082,572 tonnes of ore were treated in fiscal year 2021, a 5% decrease from the comparable period (FY 2020: 3,245,941).

During the quarter, 1,511,253 carats were recovered at an average grade of 1.86 carats per tonne, a 1% decrease over the comparable quarter (Q4 2020: 1,521,617 carats at 2.07). During FY 2021, 6,229,042 carats were recovered at an average grade of 2.02 carats per tonne, a 4% decrease over the comparable period (FY 2020: 6,518,261 carats at 2.01).

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Nissan Perla

Nissan Perla has over 40 years in the diamond industry and is the CEO and Owner of Diamond Registry since 1979. Nissan is recognized as one of the talented experts in the diamond world and has been mentioned in publications such as The Washington Post, Chicago Tribune, The Time Out, Sassy HK, and more.

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