The Snap Lake Diamond Mine is located about 220 kilometres northeast of Yellowknife, Northwest Territories, and, according to De Beers, was their first mine outside Africa and Canada's first completely underground diamond mine.

Construction began with the opening of an access winter road in 2005 and so far close to CA$805 million has been spent on the project. Upon completion of the project in 2007, De Beers says that they plan to employ 500 people.
The mine was officially opened, together with Victor Mine in Ontario, in July 2008. During the course of 2008, Snap Lake produced 926 000 carats from 903 000 tonnes treated.  

Lifetime of the mine is estimated to be 20 years. De Beers expects to produce 1.1 million tonnes annually with 1.2 carats (240 mg) per metric ton.

In 2009, De Beers reduced production levels to bring production in line with client demand. The Snap Lake Mine will take a production holiday for six weeks in July and August 2009, and for another four weeks in December 2009. Through production holidays and a renewed focus on maintenance and housekeeping measures at Snap Lake, the company will use this time to ensure the optimal and long-term sustainability of Snap Lake.