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Diamond & Specialty Minerals Summary for Nov. 4, 2022

2022-11-04 18:32 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was an upbeat 117-69-124 as the TSX Venture Exchange rose eight points to 593. Rough diamond prices appear to have flattened, according to Paul Zimnisky's global rough diamond price index -- or at least the curve looks flat for the past month. Indeed, rough prices inched ever so slightly higher this week, cancelling last week's ever so slight decline, leaving prices 0.1 per cent lower than they were a month ago.

Unfortunately, Mr. Zimnisky also adjusts his index for late-to-arrive data, and that pushed the chart about 0.3 per cent lower for at least the last month. And so, that additional tweak now has rough prices a full 11.2 per cent lower than they were in mid-February, when they reached an all-time high.

The good news is that prices are still up 5 per cent over the past full year and are 25 per cent higher than they were with Halloween looming in 2017. Indeed, the 2010s, which began with a big surge in prices on the heels of the Great Recession, saw eight years of prices moving sideways for the most part. That pattern is starting to shape up again, perhaps, although diamond miners and explorers hope otherwise.

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