News Column

GNWT Grants Deepak International Ltd Approved Diamond Manufacturer

Jan 7 2013 12:00AM

Marketwire

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YELLOWKNIFE, NORTHWEST TERRITORIES -- (Marketwire) -- 01/07/13 -- The Government of the Northwest Territories (GNWT) is pleased to announce it has granted Deepak International Ltd (DIL) with Approved NWT Diamond Manufacturer (ANDM) status. As an ANDM, DIL is qualified to purchase a portion of the 10% of NWT rough diamond production offered by NWT diamond producers to NWT cutting and polishing operations.

In addition, the GNWT and DIL have also signed a certification agreement and an exclusive polar bear trademark licensing agreement for the iconic POLAR BEAR DIAMOND™.

Under the terms of the agreements, DIL is authorized by the GNWT to market their NWT-manufactured diamonds as a GOVERNMENT CERTIFIED CANADIAN DIAMOND™ and POLAR BEAR DIAMOND™ in the international marketplace, which includes use of the polar bear design trademark. Under a stringent monitoring system, the GNWT is able to guarantee that a GOVERNMENT CERTIFIED CANADIAN DIAMOND™ is 100% Canadian in origin - and was mined, cut, and polished in Canada's Northwest Territories and that Polar Bear Diamonds meet the most exacting quality standards.

DIL has also signed the required monitoring agreement with the GNWT, ensuring that all NWT-mined diamonds purchased by DIL under supply agreements with NWT diamond producers are fully manufactured in the NWT.

DIL is currently finalizing the purchase of two GNWT-owned buildings in Yellowknife and the lease of related airport lands as the site for their new NWT diamond manufacturing operations.

"We are very pleased that DIL has chosen the NWT to operate their business and wish them every success as they initiate their new diamond manufacturing operation in Yellowknife," said Minister David Ramsay. "We have been working hard to re-establish a vibrant secondary diamond industry in the Northwest Territories and this signals a rebirth of that industry. We are renowned globally as a reliable source of quality rough diamonds and expanding our diamond manufacturing sector will bring additional jobs and economic benefits to the NWT."

"The increased job opportunities and other spin-off benefits created by this business will be of great value in our area and my constituents and I look forward to the establishment of a successful diamond manufacturing industry in Yellowknife," said Daryl Dolynny, MLA for Range Lake.

"I am truly humbled by the historic opportunity and take great pride in establishing a state-of-the- art manufacturing facility in Yellowknife," said Mr. Deepak H Kumar, President and CEO of DIL. "I look forward to raising the diamond profile of the Northwest Territories and creating jobs in this industry."



Contacts:
Government of the Northwest Territories
Alayna Ward
Manager, Public Affairs and Communications
Industry, Tourism and Investment
867-920-8696

Deepak International Ltd.
Deepak H Kumar
President and CEO
867-446-9017





Source: Marketwire


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