Mr. Speaker, I appreciate the hon. member's question. Although not included in this bill, my point in raising the excise tax issue is that we need to look at it in a serious way. If we are to promote a diamond industry in Canada, it is a lot more than just regulating the import and export of rough stones.
We have tremendous potential just in rough diamonds. If we are able to do something about the export of rough diamonds and get rid of the excise tax on those quality stones, by promoting the sale of diamonds in Canada, people might be interested in flying to Yellowknife to purchase a stone at the source. There is no reason why that could not happen.
We are on the threshold of a tremendous business and so far I do not think the government realizes it. A 25% penalty on any industry is too much. It is a given that we will have provincial sales tax and the GST. However we need to do something about the export tax. I have raised this issue in the House over the last couple of years. It is not the first time it has been brought up. It is time the government took a look at it. We have a fledgling industry with huge potential. Let us help it out.