23:16:07 EDT Tue 28 Mar 2023
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Diamond & Specialty Minerals Summary for Feb. 28, 2023

2023-02-28 21:10 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Tuesday was an upbeat 114-76-120 as the TSX Venture Exchange rose five points to 630. The Lundin family and Eira Thomas's Lucara Diamond Corp. (LUC) rose two cents to 58 cents on 26,000 shares. The company has rolled out its financial results for 2022, applauding revenue of $203.8-million (U.S.) on sales of 327,000 carats mined at its Karowe mine in Botswana. This is down from $227.9-million (U.S.) on sales of over 380,000 carats in 2021.

Most of the revenue came from the company's sales through an agreement with HB Trading, a Belgian jeweller that buys all the best diamonds from Karowe for the underlying value of the gems and a share of the profit once the diamonds are finished. Last year, HB acquired 11,037 carats and paid $90.3-million (U.S.) for them up front, an average of $8,185 (U.S.) per carat, while in 2021 it bought 23,382 carats for $126.2-million (U.S.), an average of $5,396 (U.S.) per carat.

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