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Diamond & Specialty Minerals Summary for March 23, 2017

2017-03-23 21:18 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Thursday was a positive 72-69-115. The TSX Venture Exchange rose fractionally to 801 while polished diamond prices edged lower. Ken MacNeill and George Read's Shore Gold Inc. (SGF), a silent Saskatchewan diamond explorer, gained one-half cent to 18 cents on 300,000 shares.

Lucas Lundin and Dr. William Lamb's Lucara Diamond Corp. (LUC) closed unchanged at $2.85 on 438,000 shares. The company will sell its latest batch of exceptional diamonds recovered from its Karowe mine in Botswana this year in a May auction. The parcel will include at least 13 diamonds, of which four or five will weigh more than 100 carats. The largest is expected to be a 374-carat Type IIa gem. The full parcel should top the 1,300-carat mark, making it comparable to most of the company's earlier sales of exceptional gems.

The company held two sales of its best diamonds in fiscal 2016, generating $90.0-million (U.S.) in revenue from 22 diamonds weighing a total of 2,623 carats. In its April sale, Lucara sold a 297-carat Type IIa gem for $12.2-million (U.S.) and in November, a 224.5-carat Type IIa went for $11.1-million (U.S.). The company also sold its second-largest diamond ever recovered from Karowe, an 812.77-carat rock called "the Constellation," in a special sale. That diamond, also a Type IIa gem, sold for $63.1-million (U.S.). Those diamonds accounted for $153.1-million (U.S.) of Lucara's $295-million (U.S.) total revenue. Lucara's total sales were just under 350,000 carats, or a hefty $823 (U.S.) per carat, so the company's sales of Karowe's not-so-exceptional diamonds was $142-million (U.S.), or about $400 (U.S.) per carat.

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