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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a positive 94-84-132 as the TSX Venture Exchange rose fractionally to 534. Dermot Desmond and Mark Wall's Mountain Province Diamonds Inc. (MPVD) tumbled 4.5 cents to 32 cents on 2.89 million shares Friday, a level last seen during the worst days of the COVID-driven diamond sector collapse in 2020. This year's decline, while it is making many a shareholder ill, has nothing to do with COVID and everything to do with a malaise infecting the rough diamond market.

One might think at first glance that Mountain Province's third quarter sales held up well: The company averaged a healthy $95 (U.S.) per carat during the period for diamonds mined at its 49-per-cent-owned Gahcho Kue mine in the Northwest Territories. Yes, this is down appreciably from the $112 (U.S.) per carat that the company averaged in 2022, but it is handily above the $75 (U.S.) per carat that Mountain Province averaged through its first three years of mining in the late 2010s.

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