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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a weak 42-79-135. The TSX Venture Exchange fell three points to 800 while polished diamond prices fell 0.4 per cent. Paul Ogilvie's Saint Jean Carbon Inc. (SJL), fresh off Tuesday's 7.5-cent slide on over 34 million shares, dropped another two cents to 7.5 cents on 10.22 million shares today. Saint Jean has had to issue a series of retractions over the past two weeks to mollify the regulators and Panasonic Corp., revealing that while Panasonic did order some graphite, it was for just a tiny amount and worse, there is no off-take agreement between the companies.

Merger and acquisition fever has hit the diamond sector. Dominion Diamond Corp. (DDC), up 27 cents to $16.83 on 1.44 million shares, revealed this week that for the past month it has been dealing with a possible $13.50 (U.S.) takeover bid. That news propelled Dominion's stock, barely $11 in early March, as high as $17.21 today. Meanwhile, Dominion is rumoured to be in talks regarding a possible merger with Matt Manson's Stornoway Diamond Corp. (SWY: $0.95). While neither company is commenting on the rumours, which Reuters attributed to unnamed "people familiar with the matter." Stornoway's stock has also been moving thanks to the speculation, rising from 82 cents in early March to a high of 99 cents this week.

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