Mountain Province Diamonds reported a significant decline in sales in 2025 as continued weakness in the rough diamond market weighed on prices and revenues.

The Canadian miner said revenue from rough diamond sales dropped 43% year-on-year to $111.5 million during the period, reflecting challenging industry conditions and subdued pricing across the global diamond pipeline.

Production from the Gahcho Kué diamond mine in Canada, in which Mountain Province holds a 49% stake while De Beers owns the remaining 51%, also declined during the year. Total output slipped 9% to 4.3 million carats, placing production at the lower end of the company’s guidance range of 4.3 million to 4.7 million carats.

In the fourth quarter, the company reported production of 1.9 million carats, more than double the output recorded in the same period a year earlier. However, despite higher production volumes, weaker pricing affected revenues. Sales for the quarter fell 10% to $33 million, as the average realized price dropped 24% to $52 per carat, offsetting a 16% increase in sales volume.

Industry-wide factors such as geopolitical uncertainty, pressure from lab-grown diamonds, and broader market softness continued to impact rough diamond prices during the period.

Looking ahead, Mountain Province expects total production in 2026 to range between 6.6 million and 7.2 million carats, with the company’s attributable sales volume projected at 3.4 million to 3.8 million carats.