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by Will Purcell
The diamond and specialty minerals stocks box score on Friday was a positive 93-60-157 as the TSX Venture Exchange soared 25 points to 904. Another week has passed and the more it looks like the midsummer rally in rough diamond prices was but a dream. Paul Zimnisky's global rough diamond price index showed a significant rebound in prices over the past few months, but that went poof last week thanks to tardy numbers that not only wiped out the gains since June but burrowed a foxhole instead.
This week's setting left the past several weeks of data unchanged, but new data produced a 0.9-point decline to 125.5 points, a drop of 0.7 per cent on the week, 2.3 per cent over the past month and 1.3 per cent over the previous three months. The only good news is that the index sits 1.8 points -- about 1.4 per cent -- higher than the five-year low set early this year, when the index slid to 123.6 points.
And so, the story stays the same as a week ago, two months ago -- even three years ago -- rough diamond prices are in full retreat with no end in sight. Over three years have passed since prices reached an all-time high, with Mr. Zimnisky's index nosing above 207 points, and since then the retreat has retraced 71.8 points, putting current prices 39.5 per cent lower than at the high.
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