Ekati diamonds remain highly valued, says Burgundy
Despite a softer market for rough diamonds, product from the Ekati mine, in Canada, continues to generate strong buyer interest and high sell-through rates, new owner Burgundy Diamond Mines reports.
“The quality of the Ekati product and Canadian provenance remain highly valued in the market,” Burgundy said, noting that the increased focus on provenance and traceability was highlighted by the ongoing efforts of the G7 sanctions to restrict the flow of Russian goods.
The ASX-listed firm on July 1 concluded the acquisition of Ekati and has now fully integrated Burgundy Diamond Mines and the Arctic Diamond group of companies.
During the third quarter, 784 681 ct were sold for total proceeds of $91.2-million, fetching an average of $116/ct. This compares with 901 579 ct sold for proceeds of $80.9-million, with an average selling price of $90/t.
The reduction of relative volume decline reflects the company’s decision to hold back certain segments of lower value rough diamond goods, where there was less demand in the current market environment. Burgundy said it would sell these goods when market conditions were better suited.
The company has four remaining auction sale events in the upcoming quarter, including one for special stones that will be held in December.
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