Stornoway Diamonds (Canada) Inc. has filed for bankruptcy protection for the second time in four years, highlighting the challenges faced by the Canadian diamond industry. The company is immediately suspending operations at its Renard site in Northern Quebec, retaining about 75 out of 500 workers for maintenance tasks. This move comes as the diamond industry grapples with volatile pricing and a significant drop in demand.Impact on Canadian JewellersVolatile Diamond MarketThe suspension of operations at Renard, Quebec’s first and only diamond mine, is indicative of the broader instability in the diamond market. The price of rough diamonds has seen a nearly…

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