We recently heard an interesting speech by Canada’s Northwest Territories Premier Stephen Kakfwi, who explained that, with the growth of mining, the partnership of Tiffany in marketing Canadian diamonds, and the opening of a third mine—by the DTC—in 2006, Canada’s role in the international diamond industry will soon rival Russia—the world’s 2nd largest producer of rough diamonds by value (behind Botswana).
This year, the Northwest Territories will produce $720 million in diamonds, worth $5.3 billion in diamond jewelry. The area—frequently promoted because of their conflict-free status—is also working to develop extensive cutting and polishing support facilities, he said.
Amid all this development, Kakfwi is asking the Canadian government to recognize the Territories’ 42,000 residents. This year, for example, of $16.85 billion in government revenues from diamond and natural gas resources, the Northwest Territories will receive only $22 million, he said.