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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.

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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.”

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DiamondBuzz

Mangalsutra Revival 2025–26: How India’s wedding boom is powering a new era of cultural jewellery

by Viraj Thadeshwar-CEO, Shringar House of Mangalsutra Ltd

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A Historic Wedding Season Driving Jewellery Demand

India is entering one of the most robust wedding seasons in recent years, with a record number of auspicious dates and full-scale celebrations making a strong comeback. This renewed vibrancy is expected to fuel significant demand for bridal jewellery across the country.

Weddings continue to remain the single-largest consumption driver for gold and diamond jewellery in India, and 2025–26 is poised to be no different. Retailers are already reporting heightened customer interest and increased pre-bookings for bridal collections, signalling bullish sentiment for the months ahead.

The Mangalsutra: A Timeless Symbol Strengthened by Tradition

At the core of this surge lies the most meaningful and culturally significant ornament in Hindu marriage — the mangalsutra.

More than a piece of jewellery, it is a sacred symbol of marital commitment, emotional connection, and lifelong partnership.

For generations, the mangalsutra has been considered non-negotiable in a bride’s trousseau. Even as tastes evolve, this deep-rooted sentiment remains unchanged. Every bride, regardless of region or style preference, views the mangalsutra as the ultimate expression of tradition and identity.

Renewed Traction as Weddings Return to Full Scale

With weddings regaining their pre-pandemic scale, the mangalsutra category is witnessing a strong revival. Retailers across India are expecting double-digit growth this season, driven by cultural significance, modern design innovation, and the desire for multiple variations of this essential ornament.

At Shringar House of Mangalsutra Ltd, this trend is even more pronounced. The brand is witnessing record retailer inquiries nationwide, indicating a clear shift toward curated mangalsutra assortments.

Modern Brides Want More Than One Mangalsutra

A key evolution shaping demand is the changing mindset of young brides. Today’s bride is both rooted in tradition and expressive in personal style, balancing heritage with contemporary fashion sensibilities.

Brides are increasingly purchasing three distinct types of mangalsutras:

  • Traditional / Heavy Pieces — for rituals and wedding ceremonies
  • Lightweight Daily-Wear Designs — prioritising comfort and practicality
  • Occasion-Wear / Diamond Mangalsutras — designed to complement modern outfits

Versatility has become a major purchasing driver, with brides seeking jewellery suitable for both ethnic and western wear. Personal identity and styling preferences now play a stronger role in design decisions, making multi-category buying behaviour a significant growth contributor.

The Rise of Lightweight & Diamond-Styled Mangalsutras

Design trends are evolving rapidly, with rising demand for:

Lightweight, Minimalist Mangalsutras

Perfect for daily wear, these designs deliver elegance without heaviness. They are especially popular among working women and younger brides who prioritise comfort, versatility, and subtle sophistication.

Diamond-Studded Mangalsutras

This segment has emerged as the fastest-growing category. With refined brilliance and contemporary appeal, diamond mangalsutras are becoming a trousseau essential for fashion-conscious brides.

At Shringar, the design philosophy focuses on preserving the emotional essence of the mangalsutra while integrating global aesthetics, fine craftsmanship, and modern versatility.

A Powerful Moment for the Mangalsutra Category

As India embraces full-scale weddings supported by strong consumer sentiment, the mangalsutra stands at the centre of this resurgence — not merely as jewellery, but as a living cultural legacy growing stronger with every generation.

The upcoming season presents a tremendous opportunity for both retailers and manufacturers. For Shringar House of Mangalsutra Ltd, it marks a moment to celebrate heritage, drive design innovation, and strengthen its commitment to serving the emotional and cultural heartbeat of Indian weddings.

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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.

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