Polar Bear Diamond out of Hibernation
January 08, 13 by IDEX Online Staff Reporter
(IDEX Online News) – The iconic Polar Bear Diamond is coming out of hibernation. The government of the Northwest Territories (GNWT) and Deepak International Ltd (DIL) have signed a certification agreement and exclusive licensing agreement for the Polar Bear diamond.
The company has also been granted NWT Diamond Manufacturer (ANDM) status. This allows DIL to purchase a portion of the 10 percent of the rough diamond production offered by NWT diamond producers to local cutting and polishing operations.
Under the terms of the agreements, DIL has been authorized to market its NWT-manufactured diamonds as a “Government Certified Canadian Diamond” and “Polar Bear Diamond” in the international marketplace.
The company is finalizing the purchase of two GNWT-owned buildings in Yellowknife and the lease of related airport lands as the site for its new manufacturing operations. It has also signed the required monitoring agreement with the GNWT, ensuring that all of the NWT-mined diamonds purchased under supply agreements with NWT diamond producers are fully manufactured in the province.
“We have been working hard to re-establish a vibrant secondary diamond industry in the Northwest Territories and this signals a rebirth of that industry,” said Minister David Ramsay.
“I am truly humbled by the historic opportunity and take great pride in establishing a state-of-the- art manufacturing facility in Yellowknife,” said Deepak H Kumar, president and CEO of DIL. “I look forward to raising the diamond profile of the Northwest Territories and creating jobs in this industry.”
