Sector Update: Diamond Producers Lower Today with 2.25% Weekly Decline in Gem Prices
Diamond producer stocks are lower today, possibly following reports of a 2.25% decline in gem prices this week. Harry Winston Diamond (HW.TO) is off nearly 4% this morning at $14.14 a share while Stornoway Diamond (SWY.TO) currently is down about 0.5% at $1.86 a share.
Mountain Province Diamonds Inc. (MPV.TO) also is down about 1%, with shares falling 5 cents to $4.89 each although volume has been very light.
According to data retrieved by Bloomberg News from the Rapaport Diamond Trade Index, diamond prices fell to $10,636 from $10,880 during the seven days between Aug. 24 and Aug. 31. The index is formulated from the average price for the top 25 best quality, 1-carat diamonds. The drop continues a slow slide throughout the month, with the index falling 4.7% since July 27.
For the year, however, diamond prices are ahead nearly 33%, according to Rappaport data.
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