It was one of NWT Premier Stephen Kakfwi's goals going into a premiers' conference in Prince Edward Island last week.
"Our agenda was simple, we wanted to get an agreement to develop diamond strategy and we achieved that today (July 11)," said Kakfwi.
The NWT has taken the lead in this endeavour, with Quebec showing a lot of interest.
"We are going to direct ministers to draft outline for a strategy so can discuss it in Halifax. (Quebec premier) Jean Charest has offered to work with us. We want to make sure the strategy is worked on in a timely fashion."
Economic development minister Jim Antoine will work with his Quebec counterpart Sam Hamad to develop the strategy.
It will suggest a timeline for the implementation of such a strategy as well as detail the potential of mining in Canada, what jobs will result and what training is needed as well as tax and other issues.