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Diamond & Specialty Minerals Summary for Oct. 25, 2024

2024-10-25 16:20 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 91-75-144 although the TSX Venture Exchange lost one point to 619. And still it holds: The horizontal dashed line of metaphorical defence, drawn across Paul Zimnisky's global rough diamond price index chart, shows that prices have flattened since midsummer. Yes, he nudged his index 0.2 point lower this week, but he also moved last week's fix 0.2 point higher based on tardy data. Therefore, the index is still where we thought it was a week ago.

While the chart reveals a slow but steady decline over the past three weeks, when combined with the equally slow but steady rise over the previous three weeks and the six weeks of flatness that prevailed since midsummer, Mr. Zimnisky's defensive line, entrenched along the 136-point mark, appears to be holding. This has diamond promoters and analysts opining that consumers are buying into the notion that only mined diamonds are forever, while their synthetic sisters depreciate just like that spiffy new car you just drove off the lot.

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