Plans underway to set up Canadian diamond bourse

by eyetee | August 18, 2008 12:00 am

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Key industry players will soon be meeting to determine the feasibility of establishing a Canadian diamond bourse.

As the third largest producer of gem diamonds in the world, some are questioning why Canada does not have a diamond bourse of its own. And now, steps are being taken to look into the possibility of changing that with town hall meetings scheduled to take place in Toronto, Vancouver, and Montreal, says the Canadian Diamond Bourse Working Group.

Backed by Northam Diamonds, Gem Star, The Libman Company, the Ministry of Development and Mines, and others, the meetings will examine whether a diamond bourse in Canada can be sustained, where it should be located, its structure, and the services provided.

Canadian Jewellers Association (CJA) president and CEO Ken Mulhall says Canada’s burgeoning diamond industry makes these exploratory talks timely.

“A diamond bourse has the potential to improve the efficiency of a growing secondary diamond industry,” he said.

“It will be interesting to see if the various Canadian diamond companies are supportive of the establishment of a diamond bourse, and this will be determined through their participation in the feasibility study process.”

The group says a diamond bourse in Canada would be beneficial in that business would be conducted between pre-screened members. It would also create an arbitration process to settle disputes, allow trading in a secure environment, and see the development of a code of conduct.

A town hall meeting is scheduled to take place in Toronto on Aug. 20 at 1:30 at the Cambridge House Suites Hotel, Meeting Room ““ Victoria A at 15 Richmond Street East. Meetings are also slated for Vancouver and Montréal. For more information, visit www.boursestudy.ca[2].

Source URL: https://www.jewellerybusiness.com/news/plans-underway-to-set-up-canadian-diamond-bourse/

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