Synthetic and lab-grown diamonds are on the rise because they are easier to produce. However, for those who want a traditional genuine diamond, it has to come from a mine.There are a number of very successful mines in Canada. The Canadian Diamond industry is now worth more than two billion dollars. Carat production keeps going up with more that 12 million carats produced in 2004 alone.
The Canadian diamond industry employs thousands of people, with around 4000 direct and indirect jobs. One of the most respected facts about the Canadian mines is that they are a help to Canada’s indigenous people. The Canadian mines provide many jobs for its First Nation residents. These are jobs that are sorely needed in many areas in Canada.
Most of the mines in Canada are doing well, but there is one mine that is in trouble. This mine is known as the Jericho Diamond Mine. Once a promising new member of the Canadian mines, the Jericho Diamond Mine is close to extinction.
The Jericho Diamond Mine is located in the Nunavut territory in Canada. It is partly on land owned by the Inuit Indians. It is the third diamond mine in Canada. The mine produces approximately 375,000 carats a year, with a value of 25 million dollars. Compared to the other mines in Canada, the Jericho Diamond Mine is considered a low producing mine.
One of the main problems with the mine is that it is in a remote location. There is no airport near the Jericho Diamond Mine. Therefore all equipment for the mine must be brought in by road. This type of delivery is not considered ideal for the region.
The Jericho Diamond Mine was opened in 2006, but it has been unable to meet its financial obligation. The stock for the mine recently hit bottom, and now the mine is financially bankrupted.
Although the mine has provided many jobs for the Inuits, the mine was always a gamble. In addition to the fact that the location is too remote and the carat production too low, the carats that were found were never the finest of quality.
The closing of the mine is considered a major blow for the Nunavut region. The area has had trouble with the economy in the past and the opening of the mine offered many temporary jobs to hundreds of Inuits. The good news was that the jobs created a lot of needed wealth. The bad news is that the wealth was only temporary. With the closing of the mine, a large number of Inuits will be without jobs because a large percentage of the total number of people working for the mine are Inuit. Canada will continue to be a leading diamond producer for many years to come, but the closing of the Jericho Diamond Mine will be an unfortunate loss.
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