YELLOWKNIFE (DECEMBER 12) — A dynamic new entrant into the secondary diamond sector is poised to grow diamond manufacturing in the Northwest Territories (NWT).
The Government of the Northwest Territories (GNWT) has approved Almod Diamonds Limited (Almod) as an Approved NWT Diamond Manufacturer.
The agreement ensures that Almod has access to NWT-mined rough diamonds and that their manufacturing activities will occur in the NWT. It mandates the Department of Industry, Tourism and Investment (ITI) to conduct ongoing reporting, audits, and inspection reviews on a regular basis to ensure compliance.
Almod has entered into a monitoring agreement as required under the GNWT’s Diamond Policy Framework.
Almod’s operations will include approximately 10 full-time positions in Yellowknife. Polished diamonds will be sold through Almod’s retail affiliate, Diamonds International.
Almod is not seeking any additional GNWT assistance or incentives. Production is expected to begin in 2017.
“A new, viable entrant to the local diamond manufacturing industry is a welcome development in our economy. Value-add operations will provide new opportunities for NWT residents and the international marketing of our diamonds will benefit the territory as a whole. Our government is pleased to move forward with this commitment under the GNWT’s mandate.”
- Wally Schumann, Minister of Industry, Tourism and Investment
- The agreement with Almod does not include the use of GNWT trademarks.
- Almod has entered into a monitoring agreement as required under the GNWT’s Diamond Policy Framework.
- The GNWT received a detailed business plan from Almod earlier in 2016. Due diligence was completed by the Department of ITI in association with a third party.
Manager, Public Affairs and Communications
Industry, Tourism and Investment
Almod Diamonds Ltd.