Mountain Province Posts $87m Q2 Loss Amid Diamond Price Drop

Mountain Province Diamonds reported a net loss of CAD120.6 million (USD 86.9 million) for Q2, a widening of around 220% from the same period in 2025 when it lost CAD37.7 million (USD27.2 million). The company cited a sharp drop in diamond prices and unrealized foreign-exchange losses due to a weaker Canadian dollar as contributing factors.

Despite the loss, Mountain Province highlighted record operational performance, with sales volumes more than doubling year-over-year (up from 411,114 carats to 869,520 carats) and per-carat prices nearly halving (down from CAD90 to CAD50). The company's total revenue for Q2 was CAD43.5 million (USD31.2 million), an increase of 18.2% from the same period in 2025.

CEO Jonathan Comerford said that while there are no guarantees, 'there are some encouraging signs emerging from the supply side of the market.' He noted a recent improvement in pricing following a series of mine closures and cessations, which may signal a tightening of global diamond supply. However, it is too early to determine if this represents a sustained market improvement.