Thank you, Mr. Speaker. Mr. Speaker, I am pleased to advise Members that the diamond capital of North America is hosting a national diamond round table this week.
As many of you know, more than 100 delegates, representing the diamond industry, government and other stakeholders, are meeting in Yellowknife for two days this week to put the final touches on reports that play an integral part in the development of a national diamond strategy.
As Members are aware, Canada's provincial and territorial Premiers have unanimously agreed to develop a national diamond strategy to ensure that this country can effectively benefit from all aspects of the diamond industry. It will be Canada's blueprint for building a major diamond industry from the Arctic to the Atlantic to the Pacific.
Mr. Speaker, the diamond industry is a special industry which has developed and evolved over centuries. It has met challenges both large and small, and has continued to maintain its unique characteristics and style. Mr. Speaker, as with any global industry, it will continue to evolve in order to face the challenges of this new millennium.
In the Northwest Territories we are taking steps to assist and encourage the development of a viable and sustainable diamond industry. We are being proactive in promoting and encouraging investment by the private sector to develop the industry. We are being cooperative in our approach; working with the private sector to address the issues and constraints that a new industry is bound to face.
Mr. Speaker, we recognize there will be ups and downs, as well as challenges we cannot yet foresee. However, I believe that if we stay the course we will realize our vision for the diamond industry in the Northwest Territories.
This government's vision going forward is that the Northwest Territories will become North America's diamond centre. In the coming years, more than 15 percent of the world's rough diamonds by value will be mined here. There will be sorting and selling facilities. Polished diamonds will be produced from a number of processing facilities. Our jewellery will combine northern and aboriginal designs and themes with our own diamonds and gold. We will be recognized as a centre of excellence for diamond training and knowledge. Tourists will visit North America's diamond centre to learn about diamonds and to purchase them. Government-certified polished diamonds and northern jewellery will be recognized in North America and around the world as unique, high-quality products. Diamond companies will be a valued part of the Northwest Territories, providing benefits and opportunities to ensure the sustainable development of our resources.
While on a global scale, Mr. Speaker, our four diamond manufacturing facilities barely make an impact now, they are extremely significant for northerners and Canada. We are now adding value to our raw resources before exporting them. We are working to ensure that the NWT and Canada obtains as much benefit as possible from the extraction and development of our natural resources.
Mr. Speaker, Canada and the NWT can be leaders in the global diamond industry. Our residents can become significant participants in all stages of this industry, from exploration to retail sales of diamond jewellery, but only if we work together to ensure substantial training, employment, business and investment opportunities in all stages from exploration to retail sales of diamond jewellery are available for all Canadians.
I am confident the efforts of the delegates at the national diamond round table will help Canada realize this goal. I look forward to seeing the results of their efforts reflected in the national diamond strategy later this summer. Thank you, Mr. Speaker.
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