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by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a weak 68-121-121 as the TSX Venture Exchange fell eight points to 720. Rough diamond prices inched 0.15 per cent lower this week, according to Paul Zimnisky's global rough diamond price index. Despite the modest drop there has been an ever-so-small increase since the index bottomed in early April after having set an all-time high in mid-February. Prices are now 2.9 per cent below that high.
Even so, with Russian tanks rumbling across Ukrainian wheatfields and Ukrainian drones turning many of them into rusting chunks of metal shards, diamantaires are hopeful that rough diamond prices will resume their rise. Perhaps, but investors recall that 10 years of stagnation followed the last great two-year rally, which ended the Great Recession in 2009. Current prices are up nearly 31 per cent from where they were in both mid-2017 and mid-2012, Mr. Zimnisky says.
Glen Kasner's RJK Explorations Ltd. (RJX.A) rose 1.5 cents to 10.5 cents on 5,000 shares. RJK's much-hyped diamond project, just west of Lake Timiskaming in Northeastern Ontario has been flagging of late, but the company has a significant new shareholder. Robin Lowe, president of the now private Great Lakes Nickel Ltd., says that his company has subscribed for 5.92 million of RJK's 11-cent shares. It acquired 1.79 million of the shares, while the other 4.13 million are in escrow pending satisfaction of exchange requirements.
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