The introduction of the diamond industry and the mining of other subterranean natural resources is beginning to significantly transform the First Nations territory of Nunavut, Mining.com reports. The Northern Canadian territory's rough diamond mines are among the most productive in the world, and they have skyrocketed to supreme importance in official calculations of the territory's GDP.

In the decade from 1995 to 2005, Nunavut produced $12 billion worth of rough diamonds, while all of Australia only harvested $10 billion worth of rough diamonds during the same period. Official calculations of Nunavut's production alone, however, only begin from 1999, when the region was broken off from Canada's Norwest Territory and given a measure of autonomy.

Together with gold and iron ore mining, diamond mines have now taken over as the largest single factor dominating Nunavut's economy, even edging out the government's own activities, previously the largest sector contributing to the territory's Gross Domestic Product.