This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.
Here is a sample of this item:
by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a miserable 42-155-113 as the TSX Venture Exchange fell 24 points to 578. Paul Zimnisky's global rough diamond price index showed an upward jog for the second week running -- this week's increase a more meaningful 0.4-per-cent gain that nearly octupled last week's you-have-to-squint-to-see-it increase.
The index nevertheless is 8.4 per cent below the all-time high set back in mid-February. Further, this week's gain was diminished by a modest change to the underlying data -- Mr. Zimnisky fastidiously corrects the recent curve to account for late-to-arrive data -- and so the gap closed by not quite 0.3 per cent over last week's calculation.
The state of the rough diamond market remains muddled. Many an analyst predicted prices would keep soaring late in February, when Russia's diamond sector was hit with sanctions after Vladimir Putin's tanks rumbled into Ukraine. That three-day special military operation has since morphed into a seven-month war of attrition with no end in sight, but despite increasing sanctions Russia's rough diamonds are still finding routes to market, although the journey can be a challenge.
The remainder is available to Stockwatch subscribers.
© 2022 Canjex Publishing Ltd. All rights reserved.