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Diamond & Specialty Minerals Summary for Nov. 11, 2022

2022-11-11 20:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 106-80-124 as the TSX Venture Exchange rose five points to 599. This week in rough diamonds was much like last week in rough diamonds, and pessimists might groan that the pattern is not unlike most of the 2010s -- at least after the last great rally came to an end in 2011 and before the COVID-19 collapse hit in early 2020.

Paul Zimnisky's global rough diamond price index noted rough prices rose less than 0.1 per cent this week, just like the week before, but once again, late-to-come data pushed the previous curve slightly lower so that rough prices are now 11.3 per cent below their mid-February high, a decrease of 0.1 per cent from a week ago. Even so, the one-year chart shows the end of a nearly two-year-long rapid increase in prices early on, then a steady but more gradual decline that flattened at the end of September.

And of the longer term, you ask? Well, prices are not quite 25 per cent higher than in the fall of 2017, but they are also less than 22 per cent above where they were in the fall of 2012 -- so much for outstripping inflation by 2-to-3 per cent every year for decades to come. A better case for that outstripping can be made using the 15-year chart, as Mr. Zimnisky's index began at 100 in the fall of 2007, so prices are now up 83 per cent over the past 15 years.

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