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Diamond & Specialty Minerals Summary for Jan. 13, 2023

2023-01-13 19:02 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 120-80-110 as the TSX Venture Exchange rose five points to 615. The holidays are over and so is the last hint of a rebound in diamond prices. Paul Zimnisky's global rough diamond price index shed 0.7 per cent this week, one of its sharpest declines since it hit an all-time high in mid-February.

That bubble popped nearly a year ago and since then prices are now down a full 13 per cent, and are 6.2 per cent lower than one year ago. (Yes, rough prices leapt nearly 7 per cent over the first six weeks of 2022 and yes, diamond promoters at the time were giddy with glee that the bubble would inflate indefinitely. As it turned out, no it did not, and a big reason that rough prices are falling steadily is that polished diamond prices are a full 17 per cent lower than they were in early March of 2022.)

Current prices look weaker by the week in relation to where they were during the 2010s, arguably the worst decade ever for diamond miners. Rough prices are just 19 per cent higher than in early 2018, a time when Canada's newest diamond miners were realizing to their horror that revenues were falling well short of their gaudy feasibility estimates.

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