Desmond makes €7m profit from Canadian diamond sales

Irish billionaire Dermot Desmond has been supporting Mountain Province Diamonds, his Canadian mining company, while the traditional diamond markets are closed due to Covid-19

Barry J Whyte

Chief Feature Writer @whytebarry
20th June, 2021
Desmond makes €7m profit from Canadian diamond sales
Dermot Desmond has sold €45 million worth of diamonds from Mountain Province Diamonds, his Canadian mining company, in an effort to support the firm. Picture: Getty

Dermot Desmond has sold €45 million worth of diamonds from his Canadian mining company and made a profit of more than €7 million, company filings show.

The Irish billionaire has been supporting the company, Mountain Province Diamonds, by buying diamonds from it while the traditional diamond markets have been shut because of Covid-19.

Through 2020, he bought Can$66.6 million worth of diamonds from the company in a series of private transactions, with the proviso that...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Related Stories

Ishka records annual profit of €1 million

Turnover at Maxol Group declined 23% in 2020

Companies Eva Short 1 day ago

Bernard Brogan’s PR firm falls short of directors’ hopes due to Covid-19

Timoney Group got over €1m in intellectual property dispute