Indian and Northern Affairs Canada (INAC) has extended its diamond valuation contract with Diamonds International Canada (DICAN) for two more years. The original 3-year contract recently expired.
DICAN ascertains the gross value of diamonds produced by the Ekati mine, in the Northwest Territories, and conducts other diamond consulting services on behalf of INAC. Based in Yellowknife, N.W.T., the company is 51% owned by the Aboriginal Diamonds Group and 49% owned by London-based WWW International Diamond Consultants.
DICAN was awarded the original contract in 1998 following an international tender process.
Ekati produces 3% of the world’s diamonds by value. Operated by BHP Diamonds and opened in 1998, it now produces slightly more than 7,200 carats per day. Total sales in 2000 were $430 million.
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