Answer:
Pros - Canada’s diamond industry was launched from a standstill in the late 1990s after the discovery of one of the gems at Point Lake, NWT. Since then, the industry has surged and Canada now produces 15 percent of the world’s diamond supply and is the third largest producer of diamonds after Botswana and Russia.
Diamond mining has also led to a marked increase in Northern jobs.
Cons - Environmental impacts. Issues such as destruction or loss of habitat, water contamination, excessive waste (rock, soil etc…) and the possibility of heavy metals or toxins leeching into the water table are ever-present factors.