Pause at N.W.T. diamond mine amid weak market ‘serious news,’ industry minister says

An employee of De Beers Canada holds a 12.8 carrot diamond worth $1 million at the opening of their facility in Calgary Wednesday, July 6, 2016. THE CANADIAN PRESS/Jeff McIntosh

CALGARY — De Beers Canada and Mountain Province Diamonds have paused a project at the mine they jointly own in the Northwest Territories.

Mountain Province says the Tuzo Phase 3 project at the Gahcho Kué mine has demonstrated strong potential, but the partners have decided to take a measured approach to development because of current market conditions.

The growing popularity of lab-grown diamonds has caused prices to plummet for raw diamonds, like those De Beers and Mountain Province mine in the Far North.

N.W.T. Industry Minister Caitlin Cleveland says it’s serious news for the territory, as Gahcho Kué is an important employer and economic driver.

She says the near-term impacts are expected to be limited, but any decision that shortens the mine’s operating timeline creates concern for workers, families, businesses and communities.

Another of the N.W.T.’s three active diamond operations, Rio Tinto’s Diavik mine, is slated to wind down next month, having reached the end of its productive life.

This report by The Canadian Press was first published Feb. 10, 2026.

Lauren Krugel, The Canadian Press