Diamond finds continue in North.

• Author: Louiseize, Kelly
• Position: NEWS

The discovery of diamond bearing kimberlites and other significant indicator minerals in Northern Ontario has sparked increases in diamond exploration.

Finding a kimberlite is like finding a needle in a hay stack, says Janet Reid, a former geologist who oversaw a reconnaissance exploration program for the Ontario Geological Survey with the Ministry of Northern Development and Mines.

Finding a diamondiferous kimberlite is even more rare and requires patience, time and money.

If world, renown geologist Dr. Charles Fipke is accurate, diamonds will double in value by approximately 2010. This will drive demand up at a time when supply will be short.

Over the last three years, uncut diamond prices have risen by about 50 per cent, with more increases expected for the future, Agoracom announced. Diamond Trading Co., the sales arm of De Beers, raised its prices a total of 9.5 per cent for 2005. Another two per cent gain was announced in February...