It seems diamonds are fast becoming an investor's best friend as a number of growth stocks in the sector have sparkled recently.
The market for the polished stones was severely damaged by the 2008 financial crisis but prices have enjoyed relative stability since they corrected in 2012 and this year has seen improved rough diamond prices, although this trend has flattened since May.
Importantly, factors such as an improved US economy, continued Asian growth and supply constraints means the outlook for the sector remains positive, say experts.
Several firms, at various stages of the diamond cycle, including production, have come to the fore recently and an upsurge in share prices suggests there has been an uptick in investor interest and activity in the sector.
Junior firm DiamondCorp (LON:DCP), for example, has seen shares rise over 46% since late July.
Last week, it told investors the underground development at its 74% owned decent grade Lace mine in South Africa was on schedule and on budget as it drew down the first £1.9mln tranche of the £14mln project finance facility.
Once fully commissioned Lace is expected to produce half a million carats a year, with the firm earmarking first kimberlite production in 2015.
Charlie Long, at broker Sanlam, recently described the DiamondCorp story as having "only just started".
"DiamondCorp is a success story based on having a viable mine and being fully funded," he said.
"There are, of course, various risks associated with the underground development phase, but DiamondCorp has got further than most junior miners. It is looking to add to its portfolio of projects, potentially diversifying outside of South Africa," he added.
City firm Panmure was also upbeat on the company's progress maintaining its 'buy' stance and saying that first diamonds from the tailings re-treatment works expected in October would be the next catalyst to push the shares up to its target of 19p (current price: 5.50p).
Elsewhere, since early August, Gem Diamonds (LON:GEM), which operates the world-famous Letseng mine in Lesotho, has seen shares cruise up around 14% and the year so far has been a productive one.
The miner has reported a 32% increase in carats for its Letšeng resource as well as a 2.1 million carat mineable reserve at Ghaghoo, another mine it is developing in Botwana.
Its recent half year results, which confirmed lower than expected costs and a strong balance sheet, prompted broker Westhouse to lift its target price on the stock by 30 pence to 180p and keep its 'add' rating.
Analyst Rob Broke said the miner's strengths are its options to add value at either Letseng or Ghaghoo, alongside good cost control.
He said that despite the recent strength in shares, he still recommends investors add to their portfolios.
Perhaps the biggest indicator of an upswing in activity among the small caps was Stellar Diamonds’
(LON:STEL) placing, announced in July, which will raise £940,000 at 1pence a share - a premium to the current 0.975p price.
The company hopes the funds will lead to a confirmed decision to develop its onemillion carat Dyke-1 resource at Tongo, Sierra Leone, West Africa, following a feasibility study.
Bulk drilling at Tongo over the last 18 months has delivered over one million carats at a grade of 120 per hundred tonnes, with the average modelled diamond valued at US$248 per carat, showing the site's potential.
The Stellar fundraising marks a significant surge in momentum for the firm, which has two projects on care and maintenance - Droujba and Mandala - and another, the Kono project, where it is in dispute with the government ministry over the legal tenure.
Stellar shares are 0.975p. Gem Diamond stands at 157.75p and DiamondCorp (LON:DCP) 5.5p.