Company aims to revive diamond industry in Canada’s Northwest Territories

Deepak Kumar, president of Deepak International, says the deal reached between his company and the government of the N.W.T. will help revive Yellowknife's diamond cutting and polishing industry. (CBC)N.W.T. licenses polar bear trademark to Deepak International

The government of Canada’s Northwest Territories signed a deal Monday to give exclusive rights to the polar bear diamond trademark to a company based in the Canadian city of Edmonton.

Deepak International has also gained Approved NWT Diamond Manufacturer status, allowing it to buy a portion of the 10 per cent of N.W.T. rough diamond production offered by the territory’s mines to local cutting and polishing operations.

The company is finalizing the purchase of two GNWT-owned buildings in Yellowknife and the lease of related airport lands as the site for its new diamond manufacturing operations.

The company’s president, Deepak Kumar, said the deal will revive Yellowknife’s diamond industry.

“It’s going to put Yellowknife back on the global map in the diamond industry,” he said speaking on the Northwest Territories capital city. “Yellowknife will regain its crown as the diamond capital of Canada.”

The company promises to hire locally, and train diamond polishers. Once cut and polished, the diamonds will be laser engraved with a microscopic-sized polar bear logo.

The company said polar bear diamonds are in demand because of their “conflict-free” status.

David Ramsay, the Northwest Territories minister of Industry, Tourism and Investment, said the move signals the rebirth of the Northwest Territories diamond industry.

Two Yellowknife diamond cutting and polishing companies which were located near the airport shut down operations in 2009, blaming a global recession for a slump in diamond sales. Last year, the territorial government put those properties on the market.

Links to Eye on the Arctic’s special series on diamond mining in the Northwest Territories:

Canada – a diamond mining superpower

Diamonds fuel the Northwest Territories’ economy

Dreams made of diamonds

Canada’s ice road to diamonds

Diamonds – the darker side of prosperity

Social ills keep many on the sidelines of NWT’s diamond boom

Smaller communities still suffer from high unemployment

For more northern stories from CBC News, click here

CBC News

For more news from Canada visit CBC News.

Do you want to report an error or a typo? Click here!

Leave a Reply

Note: By submitting your comments, you acknowledge that Radio Canada International has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Radio Canada International does not endorse any of the views posted. Your comments will be pre-moderated and published if they meet netiquette guidelines.
Netiquette »

Your email address will not be published. Required fields are marked *