Posted on Mar 20, 2020
The coronavirus pandemic continues to force health officials across Europe and the world to take drastic measures in order to slow down the spread of the virus. In Antwerp, the city-wide closure of buildings and commercial premises is already impacting on the global diamond market.
Canada's Mountain Province Diamonds Inc. which sells its diamonds through the Belgian city, this week announced that it is postponing until further notice its 3rd sale of 2020. Depending on the length of the closure periods imposed, the company has said that future sales could also be impacted. The Company is reviewing options to consider alternative sales methods as it tries to navigate through unprecedented times.
Mountain Province operates, in conjunction with De Beers, the world's largest and richest new diamond mine—Gahcho Kué—located in Canada's Northwest Territories. The mine is believed to have a reserve of 80 million carats: in the company's first sale, in 2017, the average sale price reached was approximately US$127 per carat.
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