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Diamond & Specialty Minerals Summary for June 26, 2019

2019-06-26 19:28 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a weak 64-75-155 as the TSX Venture Exchange rose one point to 580 and polished diamond prices were flat. Vladimir Iorich's Cobalt 27 Capital Corp. (KBLT) continues to be a busy trader. Today it dropped three cents to $4.12 on 2.7 million shares. Mr. Iorich is offering to buy the rest of the stock he does not own for cash and shares of a new company. Don Bubar's Avalon Advanced Materials Inc. (AVL) lost one-half cent to 7.5 cents on 1.72 million shares. Avalon is resurrecting its Nechalacho rare earth promotion, near Yellowknife.

Canada's diamond producers, perhaps accustomed to bad news, shrugged off word this week that De Beers had its weakest diamond sale in nearly two years despite cutting its rough diamond prices by up to 8 per cent. Sight holders, a fancy term for customers invited to De Beers's sales, called the price cuts "too little, too late," predicting -- hoped is probably a better word -- that further price cuts lie ahead later this year. De Beers's sales of rough are down nearly 20 per cent in the first half of the year, coming in at less than $2.4-billion (U.S.), while its main competitor, Russia-based Alrosa, says its sales are off by 35 per cent, to just under $1.5-billion (U.S.).

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