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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 108-75-127 as the TSX Venture Exchange rose 10 points to 642. Late-to-arrive data have put a more cheerful look on Paul Zimnisky's global rough diamond price index. His chart now shows a clear bottom in the first week of January, 13.4 per cent below the all-time high reached in mid-February of 2022. Since the January low, Mr. Zimnisky now has rough diamond prices edging steadily higher, such that his index has reclaimed nearly 2.0 per cent, leaving it just 11.6 per cent off its record high.

It is too soon for party hats and kazoos, as Mr. Zimnisky has rough diamond prices just 19 per cent higher than in early 2018 and only 16 per cent higher than a decade ago. In fact, current prices are below the previous record high set in the spring of 2011 during a bubbly overreaction to the slow return of production after the Great Recession. Several years of price stagnation followed the bursting of that bubble, but analysts and promoters all cheer that this time is different.

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