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Diamond & Specialty Minerals Summary for June 10, 2021

2021-06-10 20:14 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a so-so 89-96-115 as the TSX Venture Exchange added three points to 979. Rough diamond prices continue a strong rebound, according to Paul Zimnisky's global rough diamond price index, which leapt 1 full percentage point last week.

Better yet, Mr. Zimnisky's continual readjustment of past data has wiped out the flattening of the curve strongly in evidence just last week. As a result, prices are up 3 per cent in the past month and over 27 per cent in the past year, a gain of about 30 per cent since the pandemic low of last spring. Nevertheless, prices remain 13 per cent below their bubbly high of 10 years ago, when pent-up demand temporarily outstripped supply from mines still recovering from the Great Recession of the late 2000s.

Neil Foran's Margaret Lake Diamonds Inc. (DIA) rose one-half cent to 7.5 cents on 310,000 shares. The company is keeping its foot in the door at Diagras, where until recently it held a 60-per-cent interest. The company's co-venturer, Arctic Star Exploration Corp. (ADD: $0.155) launched a big -- and quite successful -- drill program this spring, but Margaret Lake had chosen not to contribute its 60-per-cent share of the $2-million budget.

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