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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was an upbeat 81-69-160 although the TSX Venture Exchange added two points to 584. Paul Zimnisky offered beleaguered diamond miners and explorers a hint of encouragement this week with the latest setting of his global rough diamond price index. The new fix tacked on 0.4 point to 136.3 points, putting the index up 0.3 per cent on the week. (Mr. Zimnisky always corrects his most recent data when tardy information arrives, but if there were any late data, they merely confirmed the earlier setting.)

And so, Mr. Zimnisky charts what he deems to be a third attempt at a turnaround over the past year, depicting each period of flatness with a dashed horizontal line. Unfortunately, the market's hopes were dashed when prices broke southward through his two earlier drawn lines of defence. The first metaphorical trench, hastily dug along the 153-point mark last fall, corresponded with the two-month-long voluntary moratorium during which the Indian diamond sector chose to pause rough diamond purchases, which in turn prompted many miners to pause their sales.

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