Desmond’s diamond firm polished off last year with sales increase of €54m

Canada’s Mountain Province Diamonds owns 49 per cent of the Gahcho Kué mine in north-west Canada, with the other 51 per cent owned by De Beers, the mining giant

Dermot Desmond stepped into buy diamonds from the company while the traditional diamond markets were closed during the pandemic. Picture: PA

Mountain Province Diamonds, the Canadian diamond company controlled by Dermot Desmond, reported earnings of CAN$177.2 million (€119 million) in 2022.

The company’s diamond sales increased from $308.7 million (€207.4 million) to $388.8 million (€261.2), not including $10.4 million it made from a sales agreement with a company controlled by Desmond during the closure of diamond markets during the pandemic.

In a stock market announcement, it said that it made an average of $146 per carat ...