Mr. Speaker, I have a return to a written question asked by Mr. Bill Braden on February 10, 2006, regarding the GNWT Diamond Strategy.
- Is the newly announced marketing venture with the diamond cutting/polishing/jewellery manufacturers a partnership, and how much money will each party contribute?
The "Rare in Nature" diamond marketing campaign is largely a private sector funded initiative involving cash and in-kind contributions from a number of interested parties. The GNWT is managing and facilitating the delivery of this initiative on behalf of the parties.
Key players involve the diamond cutting and polishing manufacturers here in Yellowknife, as well as a number of agencies and businesses. The manufacturers, through the GNWT Diamond Certification Program, provide upwards of $200,000 in cash, while the other parties provide between $300,000 to $400,000 in cash and in-kind contributions.
- What are the objectives and tasks of this strategy, and will the department be reporting results to the Assembly on a regular basis?
The objectives of the "Rare in Nature" marketing campaign are to:
- • position the Northwest Territories as a diamond centre;
- • facilitate the development of the diamond industry in the NWT to provide business, investment, training and employment opportunities for NWT residents; and
- • increase the demand and add value to diamonds that are mined, cut and polished in the NWT.
Reports on work undertaken will be provided to the Legislative Assembly on an ongoing basis.
- How much revenue will the Diamond Certification Program generate?
It is anticipated that future revenues will be similar to those received in past years.
To date, the GNWT Diamond Certification Program has generated revenues as follows:
2001-2002 - $41,278
2002-2003 - $39,262
2003-2004 - $130,020
2004-2005 - $24,735
2005-2006 (to January 31, 2006) - $149,099
Total to January 31, 2006 - $384,295