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Discover the Riches of Canadian Diamonds
Discover the Riches of Canadian Diamonds
The allure of the North has long captivated fortune seekers, from the gold rush of the late 19th century to today’s diamond boom. The recent discovery of diamonds in Canada’s northern regions recalls the fervor of past treasure hunts and positions the country among the world’s top diamond producers.
A New Era of Diamond Discovery
Although Canada began exploring for diamonds in the 1960s, it wasn’t until the 1990s that significant diamond-bearing kimberlite deposits were discovered. In 1991, findings in the Northwest Territories and Nunavut propelled Canada into the top three diamond producers worldwide, alongside Botswana and Russia. Today, Canada contributes to 15% of the global diamond supply. Between 1998 and 2002, Canada mined 13.8 million carats, valued at approximately $2.8 billion.
Leading Diamond Mines
The first major discovery at Point Lake, near Lac de Gras, led to the opening of the Ekati and Diavik mines. The Ekati mine, owned predominantly by BHP Billiton, contributes substantially to the global diamond market. The Diavik mine, operated by Rio Tinto and Aber Diamond Corp., employs 700 workers and generates $100 million CAD annually.
In addition, the Jericho mine in Nunavut, operated by Tahera Diamond Corporation, plans to run throughout the harsh climate for eight years, employing up to 175 people. The Snap Lake mine, Canada’s first fully underground diamond mine, promises a lifespan of over 20 years, while the Victor mine in Northern Ontario further solidifies Canada’s presence in the diamond market.
Ethics and Quality
Canadian diamonds are renowned for their quality and traceability, contrasting the ethical issues surrounding some African diamonds. Each Canadian diamond features a unique serial number and a microscopic logo, guaranteeing its origin. This reputation for integrity has made Canadian diamonds highly sought after in the luxury market.
Economic Impact and Community Benefits
The diamond industry is a vital part of the Canadian economy, providing well-paying jobs, with many roles filled by local Aboriginal communities. For example, the Yellowknife Dene First Nation holds a majority stake in a diamond-cutting operation in the Northwest Territories. Furthermore, the industry has fueled job growth, with employment soaring from 90 to over 2,000 jobs between 1998 and 2001, and continues to grow.
Diamonds from regions like the Ekati mine are celebrated for their brilliance and are showcased by celebrities such as Avril Lavigne, highlighting their fashion appeal.
Ongoing Exploration and Economic Boom
The enthusiasm for diamond prospecting shows no signs of slowing. With over 70 million acres claimed in recent years, companies are eager to tap into this lucrative market. The rush has spurred economic growth in the North, though it has also led to increased living costs.
In cities like Yellowknife, living expenses have surged, but the economic boost from the diamond industry has been a lifeline. As stated by Yellowknife’s Mayor Dave Lowell in 1998, the diamond rush has been instrumental in preventing economic decline and shaping the town’s future.
Conclusion
Canada's diamond industry is thriving, driven by quality, ethical sourcing, and significant economic contributions. Whether it's the breathtaking beauty of the gems or the opportunities they create, Canadian diamonds are a shining example of the North's enduring allure.
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