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by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a pleasing 99-60-151 as the TSX Venture Exchange rose three points to 609. It was another week, another decline for rough diamonds, according to diamond analyst Paul Zimnisky's global rough diamond price index, which slipped 0.2 per cent this week.
The price of rough diamonds continues to stagnate in the wake of the all-time high set early in 2022. The New York-based Mr. Zimnisky says that his global rough diamond price index dropped again, the 12th consecutive week without a measurable increase. Indeed, over the past three months, he has prices down 2.5 per cent -- an annualized rate of 10 per cent, which is not far off the 8.6-per-cent decline over the past year.
Rough prices are now 12.9 per cent below their all-time high, a bubble that capped a nearly two-year-long run that followed the COVID-19 collapse in the spring of 2020. Rough diamond prices did briefly rebound from a recent low set in the first week of January, briefly enjoying a 3-per-cent bump on the heels of the holiday buying spree, but they are now nearly back to that low.
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