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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 82-73-155 as the TSX Venture Exchange fell fractionally to 639. Poof! Or as a Newfoundlander is wont to say: "There it was -- gone." The metaphorical trench of defence that Paul Zimnisky recently sketched as a horizontal dashed line along the 127-point mark on his global rough diamond price index has not only failed to hold but has disappeared. Previous lines over the past three years stayed displayed, each denoting a few months of price stability before weakening forces of demand succumbed yet again to waves of oversupply.

This time, when Mr. Zimnisky redrew the last several weeks of his chart to account for late-to-arrive data, the flattish stretch evaporated, taking the horizontal dashed line with it. Mr. Zimnisky first reset last week's fix to 123.7 from the 127.3 where we thought it was, then he peeled away another 0.6 point based on new, timely data. That put the index at 123.1 points this week, 3.3 per cent lower than where we thought it was a week ago.

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