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.”
BrandBuzz
Natural Diamond Council Launches World Diamond Day on April 8, 2026
A new global moment to share the stories behind natural diamonds on April 8.
The Natural Diamond Council (NDC) introduces World Diamond Day on April 8, 2026, a global movement that brings people together through the stories behind natural diamonds.
On this day, everyone is invited to participate, from those who work with diamonds every day to those who wear, gift, or admire them. World Diamond Day is about sharing the personal and meaningful moments that natural diamonds represent.
Across social media, participants are encouraged to post a photo or short video that captures what natural diamonds mean to them, whether it is a milestone, a memory, a piece of jewelry you love, or the journey behind it.
On April 8, simply share your story using #WorldDiamondDay and #NaturalDiamonds to join a global wave of voices celebrating something authentic.
Stories can take many forms:
– Personal moments such as engagements, anniversaries, and heirlooms
– The journey of a diamond from origin to artistry
– Positive impact in communities, education, and conservation
– Design, craftsmanship, and finished creations
World Diamond Day is a collective moment and not a campaign. It is shaped by the people who participate, from personal milestones to the communities diamonds uplift and transform. It is a chance to see natural diamonds through the lens of real people and real stories shared around the world in real time.
In a world where so much feels easily replicated and fast, natural diamonds are enduring symbols of love and connection. Formed over billions of years, they carry memory and human meaning. World Diamond Day brings those stories into view from every corner of the world.
Everyone is encouraged to take part by sharing a story that feels personal and true. Organizations and businesses can also amplify the movement by inviting their teams, partners, and communities to participate.
Worn. Given. Passed down. Never forgotten.
On April 8, the story of natural diamonds belongs to everyone.
-
National News5 hours agoNATIONAL Gold, Silver Decline In India On Oil Price Rebound
-
National News5 hours agoHeer by GIVA Launches First Offline Store with ‘Alfaaz-e-Heer’ Poetry Night
-
BrandBuzz4 hours agoNatural Diamond Council Launches World Diamond Day on April 8, 2026
-
National News6 hours agoWorld Water Day 2026: Inauguration of the CIBJO Lake Marks a Powerful Commitment to Water Conservation and Sustainability
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.