Sales suffered after India, the world’s largest gem cutter, imposed a two-month ban on diamond imports ending in December while China’s sluggish economy slowed buying by polishers and jewelry store restocking, Mountain Province said in reports this week and in November.
The mine, about 280 km northeast of Yellowknife, produced 5.6 million carats last year. It was the low end of a forecast for as much as 6.1 million carats after a mid-year processing halt. The stoppage lowered processing to 73% of capacity in the year’s first half and 84% in the second. Gahcho Kué nearly tripled ore processing during the fourth quarter compared to the year-ago period, making it the year’s strongest three months.
“We expect to carry this momentum into 2024 notwithstanding some expected seasonal reduction in performance numbers in the early months due to cold weather,” president and CEO Mark Wall said in the release. “The market is…
