SourcingMar 02, 2023
Rio Tinto Making $40M Investment in Diavik Diamond MineSourcingMar 15, 2023
Canada’s Ekati Diamond Mine to Get a New Owner
Australian mining company Burgundy Diamond Mines announced plans to buy the mine in a deal valued at $136 million.
Workers in the underground portion of the Ekati Diamond Mine, which is currently owned by Arctic Canadian Holdings LLC. On Tuesday, Burgundy Diamond Mines announced plans to buy Ekati from Arctic for $136 million. (© 2017 Dominion Diamond Mines)
Calgary, Alberta—The Ekati Diamond Mine in Canada’s Northwest Territories is poised to change hands again.
On Tuesday, Burgundy Diamond Mines Ltd. announced it had entered into an agreement with Arctic Canadian Holdings LLC to buy Arctic Canadian Diamond Co. Ltd. and Arctic Canadian Marketing N.V. in a deal valued at $136 million.
The acquisition is subject to shareholder approval and other customary closing conditions.
The Arctic Companies are the owners of Ekati, handling both mining at the site as well as the sorting, marketing, and sales of rough diamonds from the mine.
The Arctic Companies are comprised of a trio of investment firms that purchased the mine in 2021 following the collapse of Dominion Diamond Corp. during the COVID-19 pandemic.
Based in Perth, Western Australia, Burgundy is the company reviving the Ellendale Mine in Western Australia.
Burgundy CEO Kim Truter called the acquisition “exciting and transformational,” noting it has the potential to generate greater returns for the company’s shareholders.
It also will make Burgundy the largest diamond company listed on the Australian Stock Exchange, and one of the largest listed globally, the company said.
“The acquisition of Ekati is complementary to Burgundy; we’ve been purchasing rough fancy-colored diamonds from Ekati in recent years, then cutting and polishing them in our facilities in Perth to go into high-end jewelry designs, as part of our vertically integrated business model,” he said.
“We view this acquisition as a wonderful marriage between Burgundy and the Arctic Companies, delivering immediate and meaningful production to our portfolio, with potential synergies to leverage and efficiencies to capitalize on in the short term.”
Ekati, a name that means “fat lake” in the First Nations language of Tilcho, has been in operation since October 1998, with exploration and development activity at the site dating back to 1981.
There are two active mining operations at Ekati, the Sable open pit and the Misery underground.
In 2022, the mine sold 4.2 million carats with an average price of $117/carat. The Arctic Companies’ revenue totaled $494 million.
Burgundy noted the current global supply and demand trends, “support a favorable long-term pricing outlook for rough diamonds.”
The current life-of-mine plan calls for Ekati, which is located about 125 miles south of the Arctic Circle, to operate until 2028. The plan includes the addition of a new open-pit development at Point Lake.
More on Sourcing
The Latest
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
Weekly QuizDec 04, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
MajorsDec 05, 2025
Stuller Releases ‘Wrapped in Wonder’ CampaignThe manufacturer’s holiday campaign features a gift guide filled with trending designs and jewelry that can be personalized.
CrimeDec 04, 2025
Man Arrested After Allegedly Swallowing Fabergé Egg PendantThe man was charged with theft, accused of ingesting the necklace while in a jewelry store in Auckland, New Zealand.
IndependentsDec 04, 2025
Step Inside JR Dunn Jewelers’ Giant New Store The Florida independent expanded its store from 8,000 to 14,000 square feet, fulfilling the vision of its late co-founder, Jim Dunn.
Supplier BulletinDec 04, 2025
Introducing Shop Natural Day: A New Movement Celebrating Natural DiamondsSponsored by De Beers Group
WatchesDec 04, 2025
Casio Shrinks its G-Shock WatchThe classic 5600 series G-Shock has been scaled down to about a tenth of its size, becoming a fully functioning watch ring.
Events & AwardsDec 04, 2025
AGA Announces 2026 Tucson Speaker LineupThe association’s annual conference and gala will take place Feb. 4, 2026, during the Tucson gem shows.
Events & AwardsDec 04, 2025
CBG Announces Speaker Lineup for 2026 Miami Event The January show will include a workshop for jewelry retailers on implementing AI to strengthen their businesses.
TrendsDec 03, 2025
Miley Cyrus Debuts Edgy Engagement RingFellow musician Maxx Morando proposed to the star with a chunky, cushion-cut diamond ring designed by Jacquie Aiche.
Policies & IssuesDec 03, 2025
Costco Joins Growing Wave of Retailers Suing for Tariff Refunds The retailer, which sells billions in fine jewelry and watches, is suing the Trump administration and U.S. Customs and Border Patrol.
SurveysDec 03, 2025
A Record 202.9M Shoppers Turned Out Thanksgiving WeekendBlack Friday is still the most popular shopping day over the five-day holiday weekend, as per the National Retail Federation’s survey.
AuctionsDec 03, 2025
Fabergé’s 'The Winter Egg' Achieves Record $30MThe historic egg, crafted for Russia's ruling family prior to the revolution, was the star of Christie’s recent auction of works by Fabergé.
