NWT
A formal agreement to allocate a portion of rough diamonds produced by the Ekati Diamond Mine to NWT diamond manufacturers is currently being discussed between the GNWT and Harry Winston Diamond Corp.
The allocation of a portion of rough diamonds produced by the Ekati Diamond Mine, pictured here, to NWT diamond manufacturers is the subject of negotiations underway between the GNWT and Harry Winston Diamond Corp. - file photo courtesy of BHP Billiton
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Harry Winston, soon to be named Dominion Diamond Corp. (DDC), is expected to complete its purchase of the diamond mine from BHP Billiton before the end of June.
The GNWT strikes formal diamond allocation agreements with the territory's diamond mines, setting aside a portion of the value of rough diamonds produced to Approved NWT Diamond Manufacturers in order to promote the production of cut and polished diamonds in the territory.
The active discussions with Harry Winston are the first step in securing a formal diamond allocation agreement over its diamond mining interests in the NWT, stated a Feb. 6 GNWT news release.
"We welcome DDC’s continued commitment to supporting diamond manufacturing in the NWT, ensuring we are able to realize even more value from this important sector of the NWT economy," stated Industry, Tourism and Investment Minister David Ramsay.
Ramsay was not available for comment last week, but recently told News/North the granting of Approved NWT Diamond Manufacturer status to Edmonton-based Deepak International Ltd. last month was a significant announcement toward the "rebirth of the secondary industry" in the territory.
Crossworks Manufacturing, the only currently operating authorized NWT diamond manufacturer, gets its rough diamonds from the Diavik Diamond Mine through Rio Tinto and from De Beers Canada's Snap Lake Mine.
The company's Canadian diamond brands are sold around the world, spokesperson Dylan Dix recently told News/North in an e-mail.
"Having direct access to world-class diamonds that originate in the NWT is a great benefit to our group," he stated.
A representative from Harry Winston was not available to comment last week.
