All diamonds start their life in the rough. The rough crystal forms within the depths of the Earth's crust and must survive a long journey to the upper regions that are accessible to man. This crystal is a miracle of nature and physics, which possesses a unique beauty of its own. Rough diamonds are hard to come by, and they are only mined in a limited number of locations around the globe, such as Africa, Russia, and Canada.
The availability of a supply of rough diamonds constitutes, by far, the primary precondition for the establishment of a successful secondary local diamond industry. Canada's rising importance in the global rough diamond markets, based on its current position as the world's third largest producer of diamonds by value, has created a certain expectation, that some of this bounty would be offered for sale, in a local primary market setting. Nonetheless, for a variety of reasons, this hope has yet to be realised.
The Bourse has long sought to establish a solid economic and commercial case for a primary market for rough diamonds here in Canada. To that end, the Bourse will conduct a series of rough diamond tenders in its Toronto facility. These trial tenders, which will be open to local and international buyers, are intended to serve as proof-of-concept events, to demonstrate the economic viability of a Canadian primary market for rough diamonds.