Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
The world’s first ETF to focus on diamonds and gemstones has been launched by New Jersey-based PureFunds on the NYSE Arca.
ETF Strategy reports that the PureFunds ISE Diamond/Gemstone ETF (GEMS) made its debut last week as one of three commodity-related exchange-traded funds launched simultaneously by PureFunds, a fresh entrant on the US ETF scene.
Paul Zimnisky, CEO of PureFunds, said that the ETF invests exclusively in companies that produce, refine, sell or hold gemstone inventory, in an effort to overcome traditional impediments to investment in gemstones as assets such as the absence of both spot and futures market.
Zimnisky foresees strong retail demand for diamonds from the emerging economies as consumers in countries such as China and India become more affluent and develop a taste for precious gems. He also expects investors to increasingly turn to gemstones as a hedge against inflation akin to silver or gold.
