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Diamond & Specialty Minerals Summary for Feb. 3, 2023

2023-02-03 20:33 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 89-100-121 as the TSX Venture Exchange fell 10 points to 620. While the chart looks markedly different from a week ago, prices are no better now than then. Paul Zimnisky's global rough diamond price index added 0.4 per cent this week and the pattern has been zigzagging higher over the past three weeks, back when Mr. Zimnisky said prices were 13.5 per cent lower than in mid-February last year.

Unfortunately, Mr. Zimnisky also adjusts his graph to account for late-to-arrive data, and the position of the last month's data has been lowered such that prices are currently 12.6 per cent lower than last year's high, whereas they were 12.5 per cent lower last week. Therefore, while prices may have flattened, there is no firm sign yet that a new rally is under way.

Dr. Stewart Blusson's Archon Minerals Ltd. (ACS), a 16.5-cent stock on 1,000 shares when it last traded in mid-January, passed up another chance to update shareholders about its Buffer West diamond project -- or about the chances of collecting more royalties from the main Buffer property that nearly surrounds the Ekati mine, north of Lac de Gras in the Northwest Territories. Archon news releases are as rare as diamonds -- the last one came a year ago when Robert Blusson resigned as a director -- and the one before that came when Robert Blusson signed on in early 2019.

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