Canadian diamond mining company Mountain Province Diamonds reported a decline in sales during its second quarter as prices for its rough diamonds fell, a challenge driven by weak demand and an extended slowdown in the market.
As per Rapaport, Mountain Province Diamonds’ experienced a 5 per cent year-on-year drop in sales to $56.8 million for the period ending June 30. The decrease coincided with a significant 39 per cent reduction in the average price of rough diamonds to CAD 102 ($74) per carat, despite a 55 per cent increase in sales volume to 557,361 carats.
CEO Mark Wall says, “The diamond market continues to be softer than anticipated. The expected recovery in demand from China has not materialized, leading to a more prolonged U-shaped recovery outlook for diamond demand.”
How could you not anticipate with the flooding of Lab Diamonds in the market. You either have your head in the sand or in a coma for five years. Hate to say it but it’ll get worse before it gets better.
There will always be men who want to sacrifice and pay for something expensive that’s much more meaningful compared to an engagement ring that costs closer to the rehearsal dinner.