18 October 2018
Mountain Province Diamonds Inc. today announces the results of its eighth diamond sale completed on October 5th 2018. Total proceeds from the sale were US$24.2 million (CDN$31.4 million) from 366,505 carats at an average realized value of US$66 per carat. These results were in line with our expectations and reflect current market conditions. We saw good price bids for our better quality larger goods where the majority of our value lies. In the lower qualities and smaller sizes, we saw average price declines in the mid single digits. We believe the price pressure is predominantly driven by the recent rapid weakening of the Indian Rupee against the US Dollar and to some extent the seasonal lower demand for rough diamonds ahead of the Diwali celebrations.