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Diamond & Specialty Minerals Summary for Oct. 8, 2021

2021-10-08 21:19 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 105-78-117 as the TSX Venture Exchange rose two points to 877. Rough diamond prices have given back another sliver of their huge gain over the past 18 months. Prices dropped another 0.2 per cent last week according to Paul Zimnisky's global rough diamond price index, a drop that has now grown to 0.7 per cent over the past month and to 1.2 per cent since prices peaked in early August. From April of 2020 through early summer of 2021, prices had climbed steadily at nearly 3 per cent per month, amassing a 40-per-cent gain from the trough of their COVID-19 collapse.

Recent demand and limited supply have pushed prices handily above their pre-COVID levels. Valuations are up over 10 per cent from five years ago and are up 3 per cent over the past decade, although they are still 15 per cent below their brief, bubbly peak reached early in 2011. Nevertheless, the past 10 years have not been kind ones for diamond miners, who had cheerfully predicted that rough prices would outstrip inflation by between 2 and 6 per cent indefinitely.

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