Burgundy Diamond Mines Ltd.

Burgundy will unveil its 23.15-carat fancy intense yellow diamond at a showcase event in Dubai during the second quarter.

65% increase in carats sold, will include a 23.15 fancy intense yellow diamond to appear in Dubai for second quarter.

Burgundy Diamond Mines Ltd. April 28 announced the first quarter results from the Ekati diamond mine in Northwest Territories, Canada, marking the beginning of a first full year the mine will be in production under Burgundy's banner.

Finalizing its acquisition of Ekati in early July 2023, Burgundy Diamond Mines has been growing its presence in Canada, as the company is also a 40% partner with North Arrow Minerals Inc. at the Naujaat diamond project in Nunavut.

"The opening quarter of 2024 represents our third period in charge after our Arctic Canadian Diamond Company acquisition in June last year, and we are pleased with the number of improvements made in less than eleven months of ownership," said Burgundy Diamond CEO Kim Truter.

While others in the diamond sector have been feeling the pressure due to broad softening in the polished diamond market, Burgundy says that Ekati's product has only continued to generate strong buyer interest and high sell-through rates.

"We remain focused on three key points, including meeting our mining targets, operational optimization, and mine life extension; and I believe we have delivered on this already," said Truter.

Burgundy goes on to credit its market buffer from the quality of Ekati diamonds and Canadian provenance, which remain highly valued in the market, for supporting the company's sales, which are focused on capturing margins across the full diamond value chain.

Scheduled to host a high value fancy debut viewing in Dubai during the second quarter, which will feature the 23.15 carat intense fancy yellow diamond recovered from Ekati in January, let alone Burgundy, Canadian diamonds are likely to continue growing in competitiveness as consumers grow more conscious of the industry.

"As the diamond market strengthens, we are enviably positioned to benefit – this will mark an exciting time to be a Burgundy shareholder," the diamond CEO said.

Highlights from the first quarter include:

• US$117 million (C$160 million) in revenue.

• 1.15 million carats recovered, a decrease of 3% from same period last year, but does include the 23.15-carat fancy intense yellow diamond.

• 1.12 average grade, a decrease of 9% from the same period.

• 1.32 million carats sold, an increase of 65% from last year.

• 1.02 million metric tons processed, an increase of 6%.

"The more access we have to the global market, the more bids we receive from clients looking for a reliable, long-term, high-quality product from an unwavering ethical standard – it's that simple," Truter added. "In five years' time, we will potentially be the only producer in the largest diamond-consuming continent, North America."