Sales held in October and December generated $47 million and $46 million, respectively, totalling $93 million in revenue for the quarter. The average price per carat was $80 in October and $106 in December, according to the company’s interim sales report released today.
This marks a drop from the $118 million recorded in the third quarter, despite average prices being lower at $83 per carat at the time. The third quarter was described as a challenging period due to a “soft diamond market.”
Kim Truter, CEO of Burgundy Diamond Mines, expressed optimism about the latest results. “These figures indicate encouraging signs of recovery in the diamond market,” he said. Truter noted that the higher prices in December were driven by the sale of a higher-quality parcel, with notable gains in the mid- to large-size diamond categories compared to October.
Expansion Plans for Ekati Mine
Burgundy acquired the Ekati mine, located 125 miles south of the Arctic Circle in Canada’s Northwest Territories, in June 2023 for $136 million from the Arctic Canadian Diamond Company. The company is focused on extending the mine’s life through the development of underground operations.
Burgundy highlighted its plans to release key updates in early 2025, including results from mine-life extension work at the Sable and Misery underground projects, as well as a prefeasibility study for the Fox underground operation.
The Ekati mine, renowned for its high-quality diamonds, remains a cornerstone of Burgundy’s strategy to strengthen its position in the global diamond market.