Volatile raw diamond prices, mine pause has N.W.T. mulling need to diversify economy
Global News
Growing popularity of lab-grown diamonds has caused raw diamond prices to plummet in recent years. U.S. tariffs on India, where most are cut and polished, has also impacted miners.
An expansion project has been put on hold at a diamond mine in the Far North, a move the Northwest Territories government says underscores the need to reduce its economic reliance on that industry.
Mountain Province Diamonds Inc. says it and joint-venture partner De Beers Canada Inc. have decided to pause the Tuzo Phase 3 project at the Gahcho Kue mine some 300 kilometres northeast of Yellowknife.
Mountain Province owns 49 per cent of the mine and De Beers owns 51 per cent.
“This decision follows a careful assessment of the project’s economics considering the prevailing market environment,” Mountain Province said in a news release late Monday.
The growing popularity of lab-grown diamonds has caused prices for raw diamonds to plummet in recent years.
U.S. tariffs on India, where most raw diamonds are cut and polished, has also been a headwind for miners.
“This is serious news for the Northwest Territories,” N.W.T. Industry Minister Caitlin Cleveland said in a news release.
The near-term impacts are expected to be limited, but Cleveland said the news reinforces a harsh reality the territory must contend with: “Our economic base remains too dependent on a single commodity.”
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