Minister Wally Schumann welcomed Almod Diamonds Ltd. as the GNWT's newest Approved NWT Diamond Manufacturer. The announcement took place at the Legislative Assembly on December 12. (Photo: the signature Almod Diamonds Ltd. cut titled the "Crown of Light").
Full text below.
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It is my pleasure today to welcome our special guests to the NWT and to be able to share some exciting news with you about the future of the secondary diamond industry in the Northwest Territories.
The Government of the Northwest Territories has committed to bringing new economic investment and opportunities to the people of the Northwest Territories.
In our mandate for the 18th Assembly, we have identified the need for actions and investments to increase the manufacturing and export of NWT products to international markets.
Specifically today, we are talking about diamonds.
Diamond polishing and manufacturing is something that has created jobs and economic opportunity in diamond-producing jurisdictions all over the world.
It is a sector of the NWT economy that we have been working to build since Ekati opened its doors. Agreements are already in place with our mines to ensure that rough diamonds are made available to local manufacturers for cutting and polishing here in the NWT.
There have been challenges. But, we believe that – with the right model, ingenuity and investment – the secondary diamond sector can be an area of growth and diversity for our economy.
Today, we are taking another step to confirm this. I am pleased to announce that the GNWT has approved Almod Diamonds Ltd. as its newest Approved NWT Diamond Manufacturer.
Under our government’s diamond policy framework, this will give Almod access to NWT-mined rough diamonds for manufacturing here in the NWT.
It will also position our government to monitor Almod’s operations to ensure compliance.
I am happy to advise you today that this agreement is now in place – and that Almod will be taking immediate next steps to set up operations in Yellowknife.
Almod brings decades of experience as a manufacturer, polisher, and retailer of diamonds. They have a strong, unique position within the global diamond marketplace – that will allow them to succeed in our Territory where others have struggled.
Most importantly, they believe in our North and its unique diamond product - and they share our vision that there is a special and distinct market for diamonds -– mined, cut and polished in Canada’s Northwest Territories.
This is an exciting story for our North and I look forward to providing additional information in response to your questions.
Before we do that, however, I would like to introduce Mr. Albert Gad, CEO and President of Almod Diamonds – and ask him to tell you the Almod story – and how we see it becoming part of our diamond story here in the NWT.