Diamond Production Resumes in Canada as Almod Diamonds Opens Crown of Light Factory in Yellowknife
Almod Diamonds has announced that its Crown of Light diamond cutting facility in Yellowknife, Canada has begun operations, making it the first factory to open under the new Diamond Policy Framework of the Government after it was amended in December 2018.
The factory completed cutting and polishing their first diamond allocation from De Beers, the company said in a release. A grand formal opening of the facility is expected to take place in 2020, the statement added.
Almod Diamonds, a parent company of Diamonds International, which is the largest fine jewellery and luxury watch duty free retailer in the Caribbean, and exclusive distributor of the patented Crown of Light diamond is a De Beers sightholder and sources rough from Gahcho Kué, a 51%/49% JV between De Beers and Mountain Province.
The Company said that increasing demand for its patented cut, Crown of Light, has made it necessary to invest in building a skilled team to manufacture this unique cut with its innovative design and domed shape that creates more sparkle than any other diamond. The goal is to continue skills transfer and career development to local citizens.
It may be recalled that the local government in Canada last December took a new approach to realizing economic benefits from diamond manufacturing. It allowed manufacturers the opportunity to export a portion of their NWT rough diamonds in exchange for alternative investments in the NWT economy, with 10% of NWT-mined diamonds cut and polished within the territory, with experienced staff training local workers.
The policy, which was framed with the help of an international diamond consultancy firm and after discussions with diamond manufacturers in the NWT, defines the “economic benefits” as investments that will create jobs either be in cutting and polishing, or even in jewellery manufacturing, retail outlets or related tourism initiatives.
The Crown of Light factory is a culmination of strategic moves made by Almod Diamonds since 2016, when it purchased the Laurelton factory in Yellowknife from Tiffany & Co.
The Yellowknife factory is Almod's fourth global cutting facility, adding to existing cutting and polishing facilities in New York, Namibia and Ukraine.
Pic caption: Workers at the Crown of Light Yellowknife Factory
Pic courtesy: Almod Diamonds