By Stephen Nakrosis
Diamond markets have been seeing low levels of demand since returning from the August holiday period, Mountain Province Diamonds said Friday.
On demand:
“Macro-economic concerns and delays to post-Covid restocking of diamond jewellery in China have motivated diamond polishers to adopt conservative rough diamond buying and reduce polished inventories,” the Canadian diamond company said.
In addition, the Indian cutting and jewellery trade has taken temporary measures to voluntarily reduce rough imports into that country, Mountain Province said.
President and Chief Executive Mark Wall said, “On the rough diamond market, there has been much reported in various news outlets, including the import restrictions in India, which have further impacted the market during a weak period.”
Mountain Province withheld some third-quarter sales to defend its prices in the rough diamond market, Wall said.
The company oversees operations at the Gahcho Kué diamond mine in the Northwest Territories as part of its joint venture with DeBeers. Mountain Province holds a 49% interest in Gahcho Kué Mine and owns 100% of its Kennady North Project, which surrounds Gahcho Kué.
Write to Stephen Nakrosis at [email protected]
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