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by Will Purcell
The diamond and specialty minerals stocks box score on Wednesday was a weak 52-76-174 as the TSX Venture Exchange fell nine points to 381. Rough diamond prices continue to implode. Diamantaire Paul Zimnisky's global rough diamond price index dropped another 0.9 per cent last week, putting it down 6.5 per cent in the past month, down 10.7 per cent in the past three months and 11.5 per cent below the slight recovery noted early this year.
Ominously, things are even worse than the index shows: Mr. Zimnisky says that rough diamond prices at tender are down as much as 24 per cent on a like-for-like basis. The lower rates noted in the index are largely the result of rough sellers not lowering their prices, choosing instead to limit supply going to market. In that regard, the bureaucratic reaction to the COVID-19 crisis is helping limit the supply of rough headed to market, as governments have shut down sales in Belgium and other centres, while others have ordered mines closed.
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