Diamonds export grows 29% on annual basis

13 Jun '06

2 min read

The value of diamond exports from the Northwest Territories has surged to almost three times what it was during 1999, the first year of production, according to a new report.

Diamond exports from the Northwest Territories were worth more than $1.7 billion in 2005, almost twice the value exported in 2002 and nearly three times the value exported during 1999.

The report examines the overall impact of diamonds on the Northwest Territories since 1999 and provides data on production values from 2002 to 2005.

Since 1999, the value of exports has risen at an annual average rate of 29 percent. In addition to the sharp increase in value, the growth in the actual volume of diamond exports has risen as well.

Companies exported 12 million carats from the Northwest Territories in 2005, compared with 5 million carats in 2002 and only about 2 million carats in 1999.

The main destinations for Canada's diamonds are the United Kingdom and Belgium.

More than 90 percent of the value of its diamond exports has gone to these two countries every year since 1999.

In 2004, Canada was third in the world in terms of production value and sixth in terms of volume. It trailed only Botswana and Russia in terms of value.

The discovery of diamonds and the ancillary economic benefits has had a huge impact on the economy of the Northwest Territories.

Statistics Canada

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