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Diamond & Specialty Minerals Summary for Feb. 9, 2016

2016-02-09 19:56 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was a weak 34-43-158. The TSX Venture Exchange lost two points to 505 while polished diamond prices jumped 0.3 per cent. Nicholas Houghton's True North Gems Inc. (TGX) lost one-half cent to 15.5 cents on 152,000 shares. True North expects to start producing rubies and sapphires at its Aappaluttoq mine in western Greenland later this year. It now has an offtake deal for some of its production.

Lukas Lundin's Lucara Diamond Corp. (LUC), up one cent to $2.25 on 813,000 shares, plans to offer several exceptional diamonds mined at its Karowe mine in Botswana at its first special auction of the year in early April. The 10-stone parcel, which weighs a combined 1,525 carats, included a previously unmentioned 296-carat gem. In a November sale, Lucara sold a similarly described 336-carat diamond for over $8-million (U.S.). Lucara's sales of exceptional diamonds typically gross between $30-million (U.S.) and $50-million (U.S.) and account for roughly half the diamond value from Karowe.

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