Delay in Northwest Territories Diamond Deal Causing Concern

CBC News reported that although the Northwest Territories’ government announced a year ago that Deepak International would be buying two buildings from it to use for diamond manufacturing, as yet, the buildings have not been sold.

The sale is reportedly now near completion, but some in the industry are concerned that it may never come to pass.

As quoted in the market news:

Pierre Leblanc, president of Canadian Diamond Consultants, says the delay is worrisome.

‘Somewhat afraid we may have a repeat with a similar situation a number of years ago with Lev Leviev — one of the big names in the diamond industry — that was supposed to buy the Arslanian Cutting Works at the time,’ he says. ‘Months went on and eventually nothing happened.’

Click here to read the full CBC News report.