Desmond-backed diamond firm breaks $1bn in gem sales

Mountain Province Diamonds reported last month that it had ‘turned a corner’ on its sales decline of 2020 due to the rising price of diamonds

Dermot Desmond has poured millions of dollars into Mountain Province Diamonds, in which he owns the largest stake at 32 per cent, to keep it afloat during the pandemic. Picture: RollingNews.ie

Mountain Province Diamonds (MPD), the Canadian mining company, announced that it surpassed more than $1 billion (€887 million) in revenue since it began selling in early 2017.

The company, of which Irish billionaire Dermot Desmond is the majority shareholder with a stake of 32 per cent, recorded diamond sales of $33.3 million (€29.5 million) during its most recent diamond sale.

MPD said it saw “unprecedented levels of demand” for its brown diamonds, lower-quality diamonds and ...