Shear Diamonds, the Canadian diamond company which focuses on diamond exploration and mining from the country’s north, announced that it has ceased production of high grade stockpiles at its Jericho mine.

According to Diamond News, the company said the reason for its suspension of production was low diamond prices that have hammed the industry globally.

Shear officials said that they plan to focus the company’s activities on assets near the Jericho site, including its Carat and Muskox areas. The high prices, which have dented the company’s revenue streams, are forcing Shear to look to alternative sources of funding.

This year, Shear has recovered vast quantities of diamonds from stockpiles, but the high costs of further recovery and the industry slowdown forced the company’s hand.

“While we are gratified that we achieved our 2012 goals, we are subject to many factors that are outside our control, such as current low diamond prices,” Shear President and CEO Julie Lassonde told Diamond News. “Prices have dropped significantly just as we were hitting our stride.”