How Canada is dependent on jewellery trade from the UK

Canada is a large and powerful country in the continent of North America that has good trading relations with most of the countries worldwide. One of the major sectors that are responsible for a thriving economy is the jewellery sector which includes diamonds. In the late 1900’s, Canada was still exploring diamond mines within the borders of the country and in 1991 diamond mines were discovered in the North-western Territories of Canada, and the country has not looked back ever since.

There are two types of diamonds which is the naturally mined diamonds and lab grown diamonds UK. The diamond mines in the North-western Territories in Canada mine for naturally occurring diamonds and have two mines operating in the region. This discovery added to the economy of the country in the numerous ways. Before their discovery, Canada used to import rough diamonds from Israel, India and the United States of America but now it produces its own diamonds. The Canadian diamonds are much sought after all across the world for two reasons. First is the fact that these diamonds are sustainably mined which is not the case with other countries. Secondly, the Canadian diamonds are of a very high quality in terms of its size, colour and clarity. Therefore, they are more expensive that the diamonds mined in other countries. Additionally, the Kimberly Process of Canada ensures that the Canadian diamonds are certified as not being involved in conflicts and wars. Canadian diamonds are conflict free and are laser inscribed with a unique number and maple leaf for authenticity.

Today, Canada has become the third largest producer of diamonds and boasts of having four diamond mined within its borders. The revenue bought in by the diamond exports from Canada are estimated to be valued at a whopping 2.2 billion dollars per year. When it comes to diamonds Canada has emerged from an import driven trade to an export driven trade. And one of its largest trading partners is the United Kingdom.

The UK has been the centre of the diamond trade since a very long time and plays and important role in the trading of diamond todays. Along with Belgium, United Kingdom is a country that receives diamonds from all over the world. These diamonds are then sorted out and sold to the rest of the world. Canada too, exports a majority of its diamonds to the United Kingdom for it to be sorted and sold across the world including Canada. Therefore, Canada depends on the United Kingdom in a big way in order to sell its diamonds.

The Canadian diamonds are gaining widespread popularity all over the world because they are sustainably produced and are conflict free. The current Russia Ukraine war has led to a steady decline in diamonds from Russia and therefore the Canadian diamonds will likely increase in circulation especially in countries that are a part of NATO. In fact, most of the Hatton Garden engagement rings contain Canadian diamonds and the day is not far when Canadian diamonds will completely overtake the diamond industry.

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