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Diamond & Specialty Minerals Summary for June 16, 2022

2022-06-16 20:26 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a terrible 43-154-113 as the TSX Venture Exchange fell 16 points to 639 while polished diamond prices were flat. Ken MacNeill and Ewan Mason's Star Diamond Corp. (DIAM) lost another cent today, closing at 26 cents on 464,000 shares.

Rough diamond prices are near record highs but raising cash for diamond projects is as difficult as ever. The latest promotional tactic offered by promoters is to hail the presence of Type IIa diamonds in their parcels -- large or small, but rarely the former -- such that investors might think that no matter how modest the grades, the possibility of a megadiamond being unearthed is just around the corner.

Type II diamonds have no nitrogen impurities within their crystals and are further categorized as Type IIa if they also have no boron impurity present. Accordingly, Type IIa gems frequently present as top-white diamonds coloured D, E, F or G, although they may also carry any shade of brown. (Brown gems have been successfully marketed by De Beers and others as "champagnes" or "cognacs," although veteran investors may also recall stock guru John Kaiser as dismissing brownish gems as looking like boogers, ear wax or urine.)

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