23-9-2020
Canadian miner Mountain Province Diamonds has held its first diamond sale in Antwerp, Belgium since February in light of the COVID-19 Pandemic.
The sale generated US$8.9 million from the 210,661-carat diamonds sold. BMO Capital Markets mining analyst Ed Sterck commented: “Although volumes and revenues are relatively small, the recommencement of regular sales is a positive sign that the diamond market/pipeline has started to move following COVID-19 related restrictions. The company also highlighted that prices were down ~1 percent compared with achieved in February (on a like-for-like basis), which represents a significant improvement from our estimate of trough pricing being down 22-25% during the peak of the pandemic.”
The result is regarded as a positive sign of the recovery for rough and polished diamonds demand. “Despite COVID-19 restricting travel into Belgium, bidding was strong and consistent with those seen earlier in the year,” the company highlighted in a press release. The next sale is slated to close on 31 October.