Diamonds and Canada: A Match Made in Heaven
Whenever a country finds that it is heavy with diamonds, then it is cause for them to celebrate. This is something that really can benefit the economy and the people of the country. Lately this has been the case for Canada and it is looking like diamonds and Canada are a match that is made in heaven. Let’s discuss some about Canada and diamonds, because it always a good idea to get a sense of where these great gems are coming from. You want to make sure that you are getting the real thing if you are going to have to spend a lot of money. Let’s discuss why Canada is becoming a diamond capital.
A Very Young Process in Canada
Canada has only really been seriously exploring diamonds in their country for 20 years. This is not something that has been around for a while. Mining for diamonds only began in 1997, but they have boomed into the third largest diamond producer. They currently have five mines that are setting up shop in order to draw out these gems. Canada has also set up agreements with 14 other countries that do not have mines in order for them to see what they can find. Nevertheless, even though this is a young process the money is already starting to flow.
Show Canada the Money
De Beers, a diamond producer, spent $11.5 million in 2006 for exploration, and set aside $15 million in 2007. The mines that they are building will be $1.8 billion dollars. This is a nice little shot to the economy of Canada and can really put some money into the hands of the people. There will be a lot of jobs that need to be filled, and there are plenty of people who can do that. In 2006 alone, a number of companies totaled $286 million just looking for diamonds within Canada. All this money does not include the influx of money that will come when diamonds are produced.
What Does This Mean for Non-Canadians?
Plenty of people want diamonds, and they do not seem to be going out of style any time soon. Getting diamonds in Canada means that the United States now has someone else they can buy diamonds from. Since Canada and the United States are neighbors, it will lower the cost of getting the diamonds in the store. This could change the overall cost to you when you buy them. Plus, anytime you unleash more of something in the world then the supply will outgrow the demand at first. The price might drop a lot, or even at all at first, but there is a new place to get diamonds, and they are our neighbors.
