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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a great 95-54-161 as the TSX Venture Exchange jumped 17 points to 803. Oh, joy! Rough diamond prices continued a jagged but steady rise now starting its third month according to Paul Zimnisky's global rough diamond price index. Mr. Zimnisky nudged the setting just 0.1 point upward this week, but late-to-arrive data prompted an adjustment to last week's fix, adding 0.5 point.

And so, the index is 0.6 point higher than we thought it was a week ago, now at 131.1 points. Mr. Zimnisky has rough diamond prices nearly 5 per cent higher than six months ago, when his index hovered at a multiyear low of 123.7. On the other hand, prices remain 3.7 per cent lower than a year ago and are off 36.8 per cent from early 2022, when Mr. Zimnisky had his index at 207.3 points.

This nevertheless is the most encouragement emanating from the rough diamond market in years, but it is too early to break out the hats and kazoos. Remember that at the current rate of increase -- 3.3 per cent over three months -- it will take until early 2027 to climb above the 158-point mark where it sat a decade ago, and over three years to reach the all-time high. And therein lies the rub: Even with rough diamond prices back to where they were in the summer of 2015, capital and operating costs at the mines are now over 30 per cent higher.

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