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Diamond & Specialty Minerals Summary for June 17, 2021

2021-06-17 20:14 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a discouraging 53-141-106 as the TSX Venture Exchange fell 14 points to 948. The rally in rough diamond prices is looking more and more like the price bubble that occurred in the wake of the Great Recession a decade ago, when pent-up demand briefly outstripped supply from mines that had been mothballed or scaled back two years earlier.

According to Paul Zimnisky's global rough diamond price index, rough prices once again leapt 1 full percentage point last week, resulting in a 4.4-per-cent increase in the past month. Prices are now up 30 per cent in the past year and up a full one-third since the COVID-19-induced crash bottomed in the spring of 2020. Even so, there is a reminder that the diamond sector is not all hats and horns: Prices remain nearly 12 per cent lower than in June, 2011, as that last supply-demand imbalance quickly balanced itself resulting in lower prices for the rest of the decade.

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