Mountain Province Diamonds has announced that Mark Wall will step down as president and CEO on 19 December 2025. He will remain with the company until then while a successor is identified.
Company chairman Jonathan Comerford said: “On behalf of the board, I would like to thank Mark for his substantial contribution to the company and the operations of the [Gahcho Kué] mine over the past four years, during what has been a very challenging period for both the company and the diamond industry as a whole.”
Wall joined Mountain Province in 2021. Before that, he was CEO of Streamers Gold Mining Corporation, a subsidiary of Shandong Gold Mining (Hong Kong).
Financial Performance and Market Conditions
The leadership announcement follows the release of third-quarter financial results, which showed a net loss of CAD 55.9 million (USD 39.9 million). The company attributed the decline to weak demand for natural diamonds, currency effects, and lower average per-carat prices.
Sales fell 58% year-on-year in Q3 to CAD 29.2 million (USD 21.2 million), with an average price of CAD 71 (USD 52) per carat, down from CAD 102 (USD 75) the year before. Sales volumes were down 40%, with 409,081 carats sold in the quarter.
Foreign exchange losses of CAD 10.7 million were reported due to the depreciation of the Canadian dollar against the US dollar, as the company holds long-term US-dollar-denominated debt.
For the first nine months of 2025, Mountain Province reported a net loss of CAD 128 million (USD 91.3 million), its largest at this point in the year in over a decade.
Mine Operations and Outlook
Mountain Province owns 49% of the Gahcho Kué mine in Canada’s Northwest Territories. De Beers holds the remaining 51% and is the operator. The mine is one of three active diamond mining operations in the territory.
The company said recent operational changes are expected to support performance in the coming quarters, including the completion of a five-day maintenance shutdown in Q3 and a transition into higher-grade ore.
Wall commented: “The diamond market has remained constrained by the tariffs and related trade negotiations between the United States and India. Any near-term improvement in price largely depends on the United States and India reaching a trade deal.”
Market Pressures and Industry Context
Mountain Province, along with other producers, continues to face pressure from the 50% US tariffs on polished diamonds from India. As India remains a major centre for cutting and polishing, the tariffs are contributing to pricing pressure on natural stones.
Wall also noted that while the US retail diamond market remains “robust,” trade barriers are having a sustained effect on prices.
The company, like others in the sector, is also operating in a market affected by increasing competition from lab-grown diamonds and by currency volatility linked to its US dollar debt.
The industry continues to respond to pressures from lab-grown alternatives, economic factors, and trade policy, all of which affect sourcing, pricing, and planning.
