Peregrine Diamonds (PGD): Up or down?

Posted August 28, 2008

Harry Winston Diamonds (HWD:NYSE) is up today, although that may just be Tiffany’s and Zale’s good quarterly reports rubbing off on the diamond producer. If you’ve been reading our blog for very long, you already know all about the troubles facing HWD.

But another Canadian diamond miner just had a really great day. And if predictions are correct, that day could be extended into a really great year. You can find the facts about Peregrine Diamonds (PGD:Toronto) below. But we’d like to know what you think about the company’s situation. Is the run up for real? Or will Peregrine investors be disappointed? Let us know in our comments section after the article.

by Christopher Donville, Bloomberg

Baltimore — (TFN): Peregrine Diamonds Ltd., a Canadian gem explorer, rose in Toronto to its highest price in six months after Chief Executive Officer Eric Friedland bought more shares of the company.

Peregrine rose 6.5 Canadian cents, or 19 percent, to 40.5 cents at 11:31 a.m. on the Toronto Stock Exchange and advanced earlier to 43 cents, the highest since Feb. 29. The Vancouver-based company had fallen 72 percent in the past year before today.

Friedland, 44, has bought 2.43 million shares since May 29 through purchases and the exercise of options, he said today in a statement. His stake, including stock options, is now 14.9 million shares, or 21 percent, he said. Read on to learn more.

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