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Diamond & Specialty Minerals Summary for Nov. 26, 2021

2021-11-26 19:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a bleak 43-150-107 as the TSX Venture Exchange slumped 31 points to 944. Paul Zimnisky's global rough diamond price fell 0.2 per cent last week, but the latest tweaks to recent data now reflect that last week set a multiyear high for prices, a level last seen early in 2011. In fact, prices are up 1.6 per cent since mid-August, a level that Mr. Zimnisky had earlier set as the top of what was then a 15-month rally following the 40-per-cent dive in rough prices that followed the COVID-19 lockdowns in early 2020.

Whether the run be 15 or the now 18 months long, there is no arguing that the rough diamond market is buoyant; better than it has been in a decade. Prices are up 16.2 per cent over the past five years and are 7.2 per cent higher than they were in the fall of 2011. Polished prices are also doing well, up about 10 per cent in the past year. That, unfortunately, is a part of the problem: Rough diamond prices are up 28 per cent in the past year and jewellery manufacturers are being squeezed by high costs and limited revenues.

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