By Diamond markets have experienced a decrease in demand following the August holiday period, according to Mountain Province Diamonds.
Impact of Economic Concerns and Post-Covid Restocking Delays
Macro-economic concerns and delays in the restocking of diamond jewelry in China post-Covid have prompted diamond polishers to adopt a cautious approach to rough diamond buying and reduce polished inventories, the Canadian diamond company stated.
Temporary Measures in the Indian Cutting and Jewelry Trade
The Indian cutting and jewelry trade has implemented temporary measures to voluntarily reduce rough diamond imports into the country, explained Mountain Province.
Market Challenges and Sales Strategy
Mark Wall, President and Chief Executive of Mountain Province, acknowledged the impact of import restrictions in India on the rough diamond market during a period of already low demand. As a response to these challenges, the company decided to withhold some third-quarter sales to protect its prices in the rough diamond market.
Mountain Province’s Operations
Mountain Province is responsible for managing operations at the Gahcho Kué diamond mine in the Northwest Territories as part of its joint venture with DeBeers. The company holds a 49% interest in the Gahcho Kué Mine and owns 100% of its Kennady North Project, which surrounds Gahcho Kué.
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