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Diamond & Specialty Minerals Summary for Nov. 18, 2022

2022-11-18 20:29 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a so-so 83-86-141 as the TSX Venture Exchange fell six points to 575. Rough diamond prices fell about 0.2 per cent this week, according to Paul Zimnisky's global rough diamond price index. The drop wipes out two weeks of lesser gains, leaving the index essentially flat since a seven-month-long decline flattened at the end of September.

Mr. Zimnisky's index shows the pullback from a bubbly record high in mid-February now stands at 11.4 per cent, a decrease much like what happened in 2011, on the heels of a 21-month-long surge in rough diamond prices following the Great Recession collapse. The two rebounds were remarkably similar in duration and extent, pushing prices about 70 per cent above their nadirs. (Those bottoms were a challenge to quantify, as during both crashes the rough diamond market was essentially shuttered -- by a lack of buyers in early 2009 and by a COVID-driven lack of a market in 2020.)

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