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MP McLeod announces an investment supporting finished diamond polishing in the Northwest Territories

Press Release

From: Canadian Northern Economic Development Agency

February 15, 2024 – Yellowknife, Northwest Territories – Canadian Northern Economic Development Agency

A diversified economy creates opportunities and prosperity for Northerners. This includes the economic benefits from renewable and non-renewable resources in the Northwest Territories, such as diamond mining and diamond manufacturing.

Today, Michael McLeod, Member of Parliament for the Northwest Territories, on behalf of the Honourable Dan Vandal, Minister of Northern Affairs, PrairiesCan and CanNor, announced that the Government of Canada is investing $99,999 towards Diamonds de Canada Ltd.’s purchase of a CT scanner-equipped Synova laser diamond cutting machine, which assists this NWT-based business in offering finished diamonds from raw diamonds mined in the territory, and help maximize the economic benefits this sector can give Northerners by keeping advanced stages of diamond refinement within the Northwest Territories.

Support for this project further illustrates the Government of Canada’s commitment to supporting business scale up and economic diversification by enhancing and promoting the local diamond manufacturing industry in NWT.

Quotes

“This investment will contribute to building prosperity and encouraging growth in NWT’s economy. By  taking advantage of opportunities in the diamond mining sector, an NWT business will benefit from the enhanced production of locally cut diamonds, which will promote the local diamond manufacturing industry.”

The Honourable Dan Vandal, Minister of Northern Affairs, PrairiesCan and CanNor

“Mining is an integral part of NWT’s economy. Through this CanNor investment, an NWT-based business will be able to acquire the equipment needed to efficiently offer value-added finished diamonds for sale, as produced from raw diamonds mined right here in the territory. In the process, the company will create good paying technical jobs.”

Michael McLeod, Member of Parliament for the Northwest Territories

“As a diamond manufacturer in the north, we love the cooperative spirit of CanNor to help small companies like ours grow. The time CanNor’s team spent with us to both encourage our successes but also provide guidance and assistance to grow is a unique trait of the NWT.  We are excited to continue our growth path and introduce the Lands Collections to the world.”

Benjamin King, Owner/Operator, Diamonds de Canada Ltd

Quick facts

  • CanNor’s investment of $99,999 from the Inclusive Diversification and Economic Advancement in the North (IDEANorth) program assisted Diamonds de Canada Ltd with the purchase of a CT scanner-equipped Synova laser diamond cutting machine to support diamond processing, which is the process of cutting and polishing rough diamonds into ready for sale polished goods. The total project cost is $421,440.
  • Through this project, Diamonds de Canada Ltd. will enhance manufacturing efficiency and productivity by improving the speed and quality of raw diamond cut-plan optimization prior to the polishing phase.
  • Diamonds de Canada Ltd., established in Yellowknife in 2021, is contracted by wholesalers to cut and polish raw NWT diamonds into finished, retail-ready diamonds.
  • The Inclusive Diversification and Economic Advancement in the North (IDEANorth) program supports community economic growth through investments in small-scale infrastructure to allow communities and businesses to extend services and by supporting the early stages of large-scale infrastructure projects.

Associated links

Contacts

Carson Debert
Press Secretary
Office of the Minister of Northern Affairs, PrairiesCan and CanNor
Carson.Debert@rcaanc-cirnac.gc.ca

Barbara Abramchuk
Communications Advisor
Canadian Northern Economic Development Agency (CanNor)
barbara.abramchuk@cannor.gc.ca

IBF4

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