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Diamond & Specialty Minerals Summary for July 22, 2019

2019-07-22 18:28 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was an upbeat 86-71-137 as the TSX Venture Exchange rose one point to 593. Rough diamond prices continue to sag, dropping another 0.1 per cent over the past week according to diamantaire Paul Zimnisky's price index. Prices are now 10 per cent below last summer's high. They are also off 2 per cent from last fall's low, which most diamantaires believed, or at least hoped, was the bottom. Meanwhile, the price for vanadium oxide, now just under $7 (U.S.) per pound in Europe, is still seeking a bottom. Last fall, it sold for $30 (U.S.) per pound.

Lukas Lundin and Eira Thomas's Lucara Diamond Corp. (LUC), down one cent to $1.54 on 514,000 shares, has named the huge diamond it recovered earlier this year from its Karowe mine in Botswana. The big gem, which was 83 millimetres long, 62 millimetres wide and 46 millimetres deep, weighed 1,758 carats -- enough to rank as the second largest diamond ever found. After considerable pomp, and some circumstance, Ms. Thomas, Lucara's president and chief executive officer, says that the name Sewelo was selected from over 22,000 entries submitted in the company's contest. She said that the name was unveiled "during a gala event" hosted by Lucara "in the presence of Dr. Mokgweetsi Eric Keabetswe Masisi, Botswana's president.

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