Canada – The New Diamond Frontier
Canada is fast becoming a new global leader in diamond production. The country is now the third largest diamond producer, providing almost 15 percent of the world’s diamonds by value. Mountain Province is well positioned to capitalize on the growing significance of the Canadian global diamond industry. Currently, De Beers produces approximately 38 percent of the world’s diamonds from its mines in Southern Africa and Canada. However, many of those mines are mature and are reaching the end of their commercial lives. De Beers invested approximately US$2.5 billion in Canada, developing the Snap Lake and Victor mines – its first mines outside of Africa. Canada's diamonds have gained a worldwide reputation for their exceptional gem quality. They are also in high demand because they are produced under strict environmental and social regulations and are not used to finance war, terror and weapons as occurred in countries such as Sierra Leone, Liberia, Angola and the Democratic Republic of Congo.
Emerging Canadian Diamond Projects
Gahcho Kue, the world's largest new diamond mine, is currently being constructed, with production expected to commence in 2016. Full commercial production is expected to start in 2017. Canada's second largest diamond development project is the Renard project in Quebec, expected to start producing approximately 1.7 million carats annually by 2016.
Canada currently has four producing diamond mines: Diavik (Rio Tinto/Dominion Diamonds), Ekati (Dominion Diamonds), Victor (De Beers), and Snap Lake (De Beers). Canada produces approximately 17.5 percent of the world's diamonds, and is the second largest producer by value after Russia.