it was 1991 when Canada entered the world stage in the diamond market. It was then that, in the country’s northwest territories, diamonds were discovered. By 1998 the Ekati mine went into production. Unlike Australia, which is renowned for its colored diamonds, (but suboptimal with the standard colorless variety), Canada rivaled Russia in its diamond output of the highest quality, colorless stones available in the market.
By 2003 another Canadian mine, Diavik, started producing rough diamonds from Canada. Tiffany & Co. invested heavily in this mine, and in return secured a quality source of diamonds for its customers.
By 2010, a mining company called Aber resources purchased Harry Winston, the chief rival to Tiffany, and purchased mining resources in Canada as well. It appears to be “game on” up North!
Unlike some of the other countries, the potential of Canada has yet to be determined, which means that a significant amount of diamond inventory should be hitting the market from our Canadian friends in the years to come.
DeBeers is keenly focused on Canada as a source of diamond inventory, and has inserted itself in the ownership of many of the countries mines. This has created an issue of national sovereignty for Canada. Like many countries, Canada does not like foreign ownership of its natural resources. Through Canadian legislation, the country has set up barriers to companies that wish to influence the outcomes of the country’s natural resources. This includes ensuring Canadian workers are employed in sorting, grading, and polishing the diamonds taken from the country’s ground.