The last Northern gold rush occurred in the late-19th century in the Yukon when tens of thousands of prospectors made their way to Dawson City to find their fortunes. Since then, miners and oil workers have continued to seek wealth in the North. In the past decade, history has repeated itself with the discovery of diamonds in Canada’s North.
Diamond exploration in Canada began in the 1960s, but major discoveries of diamond-bearing kimberlite ore did not occur until the 1990s. With the discovery of diamonds in the Northwest Territories and Nunavut in 1991, Canada has risen to become one of the top three diamond producers in the world in terms of value, behind Botswana and Russia. Currently, Canada produces 15% of the world’s diamonds. According to Statistics Canada, 13.8 million carats of diamonds worth approximately $2.8 billion have been mined in Canada between 1998 and 2002. To put it in perspective, each day Canada produces one 1.5 kilogram bag of diamonds worth $1.5 million. It is hoped that the diamond mines will provide income for decades to come.
In 1991, the first diamonds were found at Point Lake near Lac de Gras in the Northwest Territories,...
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