Canada might see a great jump in its diamond production in the coming years after Stornoway Diamond Corporation announced Tuesday that its Renard diamond project has three times as much diamonds than previously thought.

According to newly revised mineral resource estimates for Renard in North Central Quebec, the size of the mine is triple what was first expected, with an indicated mineral resource of 23 million carats, marking a 228 percent increase from the December 2008 estimate. The mine’s total inferred mineral resources was estimated at 13.3 million carats, a 195 percent increased over the 2008 estimate.

A diamond valuation estimated the goods at $117 per carat while the indicated mineral resource grade at Renard 2 was estimated at 1.03 carats per tonne (cpt) and an inferred mineral resource grade of 1.2 cpt.

The cost of mining in Canada's arctic region is about $100 per tonne. In the region where Renard is located, the cost of production is believed to be much lower.

“Today’s release confirms the Renard Diamond Project as a major undeveloped diamond resource with three essential components: a large, high grade core resource within the Renard 2 & 3 kimberlites contributing strong potential mining margins over a substantial, initial mine life; a large, lower grade resource in the Renard 4 & 9 kimberlites offering mine expansion potential, and; extensive exploration upside,” said Matt Manson, President and CEO of Stornoway.

The news comes as the global diamond industry is seeking the next ‘World Class’ diamond mine. Many believe that the next major finds will be in Canada and in yet-to-be explored regions of Africa, where political conditions hinder major investments by explorations companies.