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Almod Diamonds to Open Canada Cutting Factory

Dec 21, 2016 5:54 AM   By Rapaport News
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RAPAPORT... New York-based Almod Diamonds will expand production of its patented 'Crown of Light' cut by opening a new cutting and polishing facility in Canada’s Northwest Territories next year.

Almod, an affiliate of retailer Diamonds International, said it will set up a factory covering 12,000 square feet in Yellowknife. The location, which was formerly used by Tiffany & Co., will be Almod's fourth production base, complementing plants in New York, Namibia and Ukraine.

The planned expansion follows the success of its 90-facet cut, Almod pointed out. “The opening of another Crown of Light factory demonstrates the strength of and demand for the Crown of Light diamond brand," the company said. 

Almod, a De Beers sightholder, will gain access to rough stones mined in the region, via a new status as an approved Northwest Territories diamond manufacturer. The launch is an “exciting story for our North” because of its potential to keep rough diamonds in the region for polishing, said Wally Schumann, minister of Industry, Tourism and Investment for the Northwest Territories (pictured, left, with Albert Gad, president and CEO of Almod Diamonds).

“Diamond polishing and manufacturing is something that has created jobs and economic opportunity in diamond-producing jurisdictions all over the world,” Schumann explained. “Agreements are already in place with our mines to ensure that rough diamonds are made available to local manufacturers for cutting and polishing here in the Northwest Territories.”

Almod said there is potential to add jewelry-making facilities and a retail store in Yellowknife. It also plans to offer tours of the factory and permit the public to buy directly from the facility.
Tags: almod, Almod Diamonds, Canada, Crown of Light, cutting, Manufacturing, Namibia, new york, northwest territories, Polishing, Rapaport News, Sightholders, Tiffany & Co, Ukraine, yellowknife
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