Revenue from the Ekati mine’s rough output fell 27% during the second fiscal quarter, according to owner Burgundy Diamond Mines.
The company sold 1 million carats from the Canadian deposit for $106 million for the three months that ended June 30, it said last week. That compares to the sale of 1.3 million carats for $145 million during the same period a year ago.
Meanwhile, the average price slipped 5% to $103 per carat. The second-quarter results were also lower than the 1.3 million carats the company sold for $117 million in the first quarter. “In terms of the diamond market, prices continue to be suppressed due to inventory built up in the middle part of the supply chain,” Burgundy CEO Kim Truter said.
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