Another Diamond Company CEO Steps Down

Toronto—The head of another small diamond mining company has stepped down as the slowdown in demand for rough diamonds continues to impact producers.

Mountain Province Diamonds, which operates the Gahcho Kué mine in Canada in a joint venture with De Beers Canada, announced Nov. 12 that President and CEO Mark Wall is leaving the company to “pursue other opportunities.”

Wall, who came on board in 2021 as a replacement for former De Beers executive Stuart Brown, will stay with the company until Dec. 19 to assist with the transition.

Mountain Province announced Wall’s resignation the day after it reported its third-quarter financial results, mirroring what happened earlier this year at Petra Diamonds Ltd.

In the third quarter ended Sept. 30, the mining company saw revenue fall while losses nearly tripled. 

Mountain Province sold 409,081 carats of diamonds in Q3 2025, down 40 percent from 679,599 carats in Q3 2024. 

The average realized price-per-carat was $52, down from $75 in the prior-year period. 

Revenue fell 58 percent year-over-year to $21.2 million from $50.8 million a year ago. The company’s net loss nearly tripled, reaching $39.8 million. 

Mountain Province, which is based in Toronto, said the loss is partially attributable to the weakening of the Canadian dollar to the U.S. dollar.  

Year-to-date, Mountain Province’s sales are down 50 percent and losses have increased by more than 500 percent.