Star Diamond Corporation has noted a large quantity of high-value and large rough stones at its two exploration sites in Canada, sending its stock price shooting upward.
Nearly 27% of diamonds at its Star project are type IIa, a category that represents less than 2% of all rough diamonds mined from kimberlites, the company reported Monday. The proportion of that category at its Orion South kimberlite is 13%, it said following a major study of goods it had recovered from the locations.
The company identified a 49.09-carat diamond from Star, and a 32.35-carat stone from Orion South. It also recovered two diamonds that were smaller but more valuable: An 11.96-carat stone from Star worth $11,333 per carat, and a 15.88-carat diamond from Orion South that it valued at $2,800 per carat.
“The presence of two high-value diamond groups (octahedra and type IIa) greatly strengthens the future potential-production diamond pricing from the Star and Orion South kimberlites,” said George Read, Star Diamond’s senior vice president of exploration and development.
The company’s share price rose 9% in early trading Monday.