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Diamond & Specialty Minerals Summary for March 17, 2023

2023-03-17 21:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 96-85-129 as the TSX Venture Exchange rose two points to 605. Rough diamond prices edged downward this week, ending six slow-but-steady weeks of gains in which Paul Zimnisky's global rough diamond price index tacked on about 2.2 per cent. While rough prices dipped by 0.1 per cent this week, they remain 2.7 per cent higher than their 52-week low, set in the first week of January. The modest rebound, remember, followed a 13.4-per-cent drop that began in mid-February of 2022 when rough prices bubbled to an all-time high.

The chart looks much like it did a decade ago, after rough diamond prices soared to a then record high following the near collapse of the sector in the depths of the Great Recession. Once that bubble burst in the spring of 2011, rough prices zigzagged gradually lower through much of the 2010s, only beginning to recover it seemed, just as COVID-19 was escaping Wuhan.

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