Unveiled earlier this week, the targeted support package is designed to protect Northern jobs, sustain local businesses, and shore up an economy heavily dependent on diamond mining—an industry that contributes around 20% of the territory’s GDP and employs over 1,000 people across the North.
The region’s three operating diamond mines—Ekati, Gahcho Kué, and Diavik—are contending with a perfect storm of challenges: sluggish global diamond prices, inflationary pressures, supply chain bottlenecks, and the threat of new tariffs. Industry leaders and Indigenous development corporations have warned of the growing risk to employment and contracting opportunities without timely intervention.
The GNWT’s new measures, developed in consultation with mine operators, Indigenous stakeholders, and federal partners, include:
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Doubling the number of local diamond valuations in 2025–2026, with the government covering associated costs to improve cash flow and accelerate product sales;
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Temporarily reducing the general mill rate for Class 4 – Minerals in 2025, offering $11.2 million in targeted property tax relief across the three mines;
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Releasing remaining balances from the Large Emitter Greenhouse Gas (GHG) Reducing Investment Fund, returning carbon tax contributions to Ekati and Gahcho Kué to offset operational costs. Diavik previously used its share to help fund solar infrastructure;
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Ongoing collaboration with Indigenous governments and development corporations to advocate for additional federal infrastructure and transition support.
Finance Minister Caroline Wawzonek framed the initiative as an economic safeguard. “This is about protecting our economy from sudden shock,” she said. “These targeted, short-term supports are not about corporate profits—they’re about maintaining stability for the workers, families, communities, and Indigenous governments that rely on this sector.”
Caitlin Cleveland, Minister of Industry, Tourism and Investment, echoed that sentiment, describing the measures as a necessary bridge. “It’s about preventing disruption and creating the space to plan for what comes next—together,” she said, pointing to future opportunities as new mining projects are considered.
The relief plan underscores the GNWT’s commitment to sustaining its diamond industry through a turbulent period, while laying the groundwork for long-term resilience and economic transition.
