DiamondBuzz
Canada Announces Tax Relief to Support Struggling Diamond Sector in Northwest Territories
Government steps in with targeted financial measures to stabilize region’s largest industry amid falling prices and market uncertainty.
The Canadian government has introduced a series of tax-relief measures aimed at supporting the diamond-mining sector in the Northwest Territories, as the industry faces mounting financial challenges. The initiative seeks to preserve economic stability in a region where diamond mining contributes approximately 20% of its GDP, with major operations including Diavik, Ekati, and Gahcho Kué.
According to the Government of the Northwest Territories, the sector is currently under pressure from low global diamond prices, inflation, supply-chain disruptions, and emerging tariff impacts. These conditions have led to significant losses for mining companies. Mountain Province, co-owner of Gahcho Kué with De Beers, reported a $56.4 million net loss in 2024, while Ekati’s owner Burgundy Diamonds lost $94.7 million and Diavik operator Rio Tinto reported a $127 million underlying loss.
To address these issues, the government will double the number of local diamond valuations in 2025 and 2026, covering associated costs to help producers move rough stones to market more efficiently. A temporary reduction in the minerals tax rate will result in $11.2 million in property tax savings for the three mines. Additionally, funds previously set aside for carbon tax contributions will be released to ease cash flow constraints.
The government will also collaborate with Indigenous governments and development corporations to offer further infrastructure and transitional support.
“This is about protecting our economy from sudden shock,” said Caroline Wawzonek, minister of finance for the Northwest Territories. “These targeted, short-term supports are not about corporate profits — they’re about maintaining stability for the workers, families, communities, and Indigenous governments that rely on [the diamond] sector. Our government’s support must be directed to ensuring that Northwest Territory-based labor and businesses are protected in this challenging operating environment.”
DiamondBuzz
Mikey Madison Champions Self-Love In Tiffany & Co.’s Playful New Diamond Campaign
Oscar-Winning Actress Gives The Iconic Sixteen Stone Ring A Fresh, Empowering Meaning
Tiffany & Co. has unveiled its latest Love & Celebration campaign, starring Academy Award-winning actress Mikey Madison, who brings charm, wit and confidence to a refreshing take on modern love, self-expression and luxury jewellery.
In the campaign film, Madison appears in a classic black dress, seated at a vanity as soft music plays in the background. Opening the signature Tiffany Blue Box, she slips on the iconic Sixteen Stone solitaire diamond ring, originally created by legendary designer Jean Schlumberger in 1959.
What follows is a playful twist on the familiar “loves me, loves me not” ritual. As Madison moves the ring from one finger to another, she alternates between the two phrases while admiring herself in the mirror. The moment culminates with her placing the ring on her middle finger, switching off the music and confidently declaring, “I love me.” She closes the Tiffany box and walks away, leaving behind a powerful message of self-love, confidence and independence.
The campaign has resonated strongly with audiences, with many praising Madison’s effortless performance and the brand’s contemporary storytelling. Social media users described her as the perfect face for Tiffany’s evolving image, while others applauded the introduction of the Sixteen Stone solitaire as a meaningful everyday statement piece.
Madison, who won the 2025 Academy Award for her performance in Anora and became a Tiffany & Co. ambassador the same year, previously fronted the brand’s HardWear campaign.
Through Love & Celebration, Tiffany & Co. expands its traditional narrative around love beyond romance. The maison positions fine jewellery as a celebration of personal milestones, family bonds, friendships and, most importantly, self-appreciation. The campaign reflects the belief that love is personal, inclusive and defined by the wearer.
Alongside the film, Tiffany has also released a series of digital videos showcasing the brand’s diamond expertise, artisanal craftsmanship and nearly two centuries of heritage. The campaign further highlights the versatility of the Sixteen Stone collection—once designed as a wedding band and now reimagined as a striking solitaire ring suited for everyday wear.
With Mikey Madison’s confident portrayal, Tiffany & Co. delivers a modern message: the most meaningful diamond purchase can be the one made for yourself.
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