The government of Canada's Northwest Territories (NWT) has revised its Diamond Policy Framework to support and encourage the operation and growth of the region's diamond manufacturing industry.
"The new Diamond Policy Framework will enhance our efforts to build a sustainable diamond manufacturing industry, diversify our economy and maximize benefits for NWT residents from the development of our non-renewable resources," says Minister of Industry, Tourism and Investment, Bob McLeod.
"This is a major accomplishment for our government and it required consultation with a broad range of stakeholders including other GNWT departments, operators in the Northwest Territories diamond manufacturing industry, the NWT diamond mines and the City of Yellowknife," concludes McLeod.
The Diamond Policy Framework was first put in place in 1999 to facilitate the establishment of a diamond manufacturing industry in the NWT. According to the revised framework, the government of the NWT will:
Endorse the mining of diamonds in the NWT only when agreements are in place so that a portion of the rough diamonds will be made available for manufacturing by Approved NWT diamond manufacturers;
Provide support that assists in the start-up of diamond manufacturers where there is the potential for significant employment, and business activity and investment, as well as training opportunities for NWT residents;
Assist in the marketing of diamonds produced and manufactured in the NWT through such activities as the certification of branded diamonds and other marketing strategies;
Monitor the production and manufacturing process to ensure that all rough diamonds received from a diamond producer are manufactured in the NWT;
Certify NWT diamonds as being mined, cut and polished in the NWT to verify the origin of the diamond; and
Actively support other diamond-related value-added activities such as jewelry manufacturing and diamond-related tourism.
Among the driving principles behind the government of the NWT in supporting theáregion's diamond-manufacturing industry are the economic benefits available from the NWT's non-renewable resources to residents and the economy, according to the revised framework.
For more details of the scope and guiding principles of the Diamond Policy Framework, click the link below:
áRevised NWT Diamond Policy Framework