SourcingJul 15, 2026
1,305-Carat Diamond Recovered from Mine in BotswanaSourcingJul 16, 2026
Ekati to Close, Leaving Canada With One Diamond Mine
The diamond mine, which opened nearly 30 years ago in Canada’s Northwest Territories, is expected to shut down by mid-August.
A file photo showing the main camp at the Ekati Diamond Mine in Canada’s Northwest Territories. The mine, which opened in 1998, will close next month amid financial troubles. (Photo courtesy of Burgundy Diamond Mines Ltd.)
Vancouver, Canada—Ekati, Canada’s oldest diamond mine and one of only two remaining diamond mines in the country, will close following a failed process to find a buyer.
On July 13, the Government of the Northwest Territories filed an application in the Supreme Court of British Columbia asking the court to place the mine into receivership and begin winding down operations, a request a judge granted the following day.
The mine is expected to close by mid-August.
“This is a deeply disappointing for Ekati’s workforce, Burgundy’s stakeholders, and communities across the Northwest Territories,” Jeremy King, CEO of Burgundy Diamond Mines Ltd., which owns and operates the mine through its subsidiary, Arctic Canadian Diamond Company Ltd., said in a stock exchange filing.
“Ekati has made an extraordinary contribution to the territory for more than 25 years as a major private-sector employer and through its longstanding relationships with Indigenous communities and local businesses.”
Burgundy did not respond when asked how many jobs would be lost as a result of the mine’s closure.
Burgundy and Arctic Canadian were granted insolvency protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) on May 1, with the stated intention of financially and operationally restructuring Arctic Canadian so Ekati could continue to operate.
Ekati, like a handful of other diamond mines worldwide, is in financial straits due to multiple factors, including the drop in diamond prices and competition from lab-grown diamonds, which has been particularly detrimental to smaller natural goods.
On May 11, the court granted an order to begin a sales and investment solicitation process to find a buyer for the mine or investors for Burgundy and Arctic Canadian.
The process went on for eight weeks, with a bid deadline of July 10.
According to the government’s application, the company didn’t receive any viable bids and is expected to run out of money by the end of the week.
It also has a substantial amount of debt, court documents show.
As of July 13, Burgundy owes $175 million to the Canada Enterprise Emergency Funding Corporation (CEEFC), a government-owned entity that loans money to troubled businesses, and $79 million to various lenders.
“The sales process conducted in these CCAA proceedings did not result in any compliant bids, and the interim funding available to the Burgundy respondents is fully exhausted. CEEFC (the DIP lender) has determined it will not fund the companies any further,” the government’s application states.
“The [Government of the Northwest Territories] requires the urgent appointment of a receiver over the Burgundy respondents to conduct an orderly wind down of Ekati Mine operations, and to oversee environmental remediation and reclamation activities.”
The court appointed PricewaterhouseCoopers as receiver. PwC will oversee the closure of the mine, which is expected to take about five weeks.
After that, the site will be turned over to the government to begin environmental remediation and reclamation work.
Related stories will be right here …
On July 13, the Government of the Northwest Territories filed an application in the Supreme Court of British Columbia asking the court to place the mine into receivership and begin winding down operations, a request a judge granted the following day.
The mine is expected to close by mid-August.
“This is a deeply disappointing for Ekati’s workforce, Burgundy’s stakeholders, and communities across the Northwest Territories,” Jeremy King, CEO of Burgundy Diamond Mines Ltd., which owns and operates the mine through its subsidiary, Arctic Canadian Diamond Company Ltd., said in a stock exchange filing.
“Ekati has made an extraordinary contribution to the territory for more than 25 years as a major private-sector employer and through its longstanding relationships with Indigenous communities and local businesses.”
Burgundy did not respond when asked how many jobs would be lost as a result of the mine’s closure.
Burgundy and Arctic Canadian were granted insolvency protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) on May 1, with the stated intention of financially and operationally restructuring Arctic Canadian so Ekati could continue to operate.
Ekati, like a handful of other diamond mines worldwide, is in financial straits due to multiple factors, including the drop in diamond prices and competition from lab-grown diamonds, which has been particularly detrimental to smaller natural goods.
On May 11, the court granted an order to begin a sales and investment solicitation process to find a buyer for the mine or investors for Burgundy and Arctic Canadian.
The process went on for eight weeks, with a bid deadline of July 10.
According to the government’s application, the company didn’t receive any viable bids and is expected to run out of money by the end of the week.
It also has a substantial amount of debt, court documents show.
As of July 13, Burgundy owes $175 million to the Canada Enterprise Emergency Funding Corporation (CEEFC), a government-owned entity that loans money to troubled businesses, and $79 million to various lenders.
“The sales process conducted in these CCAA proceedings did not result in any compliant bids, and the interim funding available to the Burgundy respondents is fully exhausted. CEEFC (the DIP lender) has determined it will not fund the companies any further,” the government’s application states.
“The [Government of the Northwest Territories] requires the urgent appointment of a receiver over the Burgundy respondents to conduct an orderly wind down of Ekati Mine operations, and to oversee environmental remediation and reclamation activities.”
The court appointed PricewaterhouseCoopers as receiver. PwC will oversee the closure of the mine, which is expected to take about five weeks.
After that, the site will be turned over to the government to begin environmental remediation and reclamation work.
The closure of Ekati will leave Canada with one operational diamond mine, though that mine, De Beers Group’s Gahcho Kué, is nearing the end of its life.
The country once had more than a half-dozen diamond mines, including De Beers’ Snap Lake and Victor mines, which closed in 2015 and 2019, respectively, and Stornoway Diamonds’ Renard mine in Québec, which closed in 2023.
Earlier this year, Rio Tinto announced it had hauled the last load out of the Diavik Diamond Mine and De Beers said it was pressing pause on the Tuzo Phase 3 expansion project at Gahcho Kué, which would have extended the mine’s life from 2027 to 2030.
Without the expansion project, production at the mine will come to a close at the end of next year.
During a presentation at the Las Vegas jewelry shows, De Beers CEO Al Cook said next year could be the last year diamonds are mined in Canada, a point he reiterated during an interview with National Jeweler at the shows.
“You look around the world, there are no more commercial diamonds produced out of Australia. Brazil used to be a great diamond-producing country. It’s gone down to next to nothing. India used to be the great diamond-producing country. It’s gone down to next to nothing. I wouldn’t be surprised if Canada is the next one,” Cook said.
“It’s just a reminder that diamonds are getting rarer, and that the number of countries that have commercially viable diamond deposits are getting fewer and fewer.”
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CrimeAug 25, 2026
Florida Woman Scammed Out of $1.5M in Jewelry, Precious MetalsTwo suspects have been arrested in connection with the complex phone scam.
ColumnistsAug 25, 2026
Proof Before Purchase: The Gen Z Way to BuyIn her first column for National Jeweler, Jennifer Shaheen asks jewelers if they know how to connect with the next generation of consumers.
Events & AwardsAug 25, 2026
SSEF Opens 2026 Applications for Gemology Education ScholarshipsThe annual awards cover tuition for an on-site educational course at the Swiss lab, as well as flights and lodging.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
TrendsAug 25, 2026
Brent Neale Celebrates Blackberry Farm’s Anniversary With JewelryThe jeweler partnered with the Tennessee resort to honor its 50th anniversary with limited-edition blackberry pendants and earrings.
Weekly QuizAug 20, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
EditorsAug 24, 2026
Q&A: Reeds Jewelers VP Genna Zimmer on 80 Years in BusinessThe third-generation jeweler shared how the North Carolina retailer is celebrating this milestone and the love story that started it all.
Events & AwardsAug 24, 2026
Rio Grande, MetalWerx Host Argentium Silver WorkshopThe class, led by renowned metalsmith Cynthia Eid, highlighted Argentium silver as an alternative to gold amid high prices.
Brought to you by
Why More Jewelry Retailers Are Hosting Turnkey Estate Buying EventsRetailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.
Events & AwardsAug 24, 2026
JIS Miami Opens Fall 2026 RegistrationThe show is slated for Oct. 16-19 at the Miami Beach Convention Center.
CollectionsAug 24, 2026
Francesca Villa Honors Napoleon, His Empresses In New CapsuleThe “Empresses” capsule uses 19th-century medals depicting Napoleon, Joséphine, and Marie-Louise across five one-of-a-kind pieces.
SurveysAug 21, 2026
These Are 2026’s Hottest Retailers, Says NRFThe retailers at the top of the list offer affordable products and fun, discovery-fueled experiences.
WatchesAug 21, 2026
Bremont Names Former Vacheron Constantin Exec CMODaniel Bing was formerly the marketing director for the Americas at Vacheron Constantin.
CollectionsAug 21, 2026
Bijules, Kamyen Serve Up ‘Topspin’ Tennis Bracelet Ahead of US OpenIn our Piece of the Week, the designers reimagine the tennis bracelet with green enamel wrapped around a strand of “Desert Diamonds.”
PodcastsAug 20, 2026
Episode 8: Diamond Industry Update With David Bonaparte & Ronnie VanderLindenThe industry veterans join the podcast to discuss diamond marketing, the FTC Jewelry Guides, and lobbying for lower tariffs.
TechnologyAug 20, 2026
A New AI-Powered Gemstone Identification App Is HereFounder Vik Westermann said the app is a “starting point” to inspire people to work with appraisers and gem labs, not replace them.
AuctionsAug 20, 2026
Storied Unicorn Brooch Up for Auction Gallops to New Home The Verdura brooch, which belonged to the late Virginia Fortune Ryan Ogilvy, was sold to a private collector in Asia.
Events & AwardsAug 20, 2026
MJSA Education Foundation Names 5 Scholarship WinnersThe five students were awarded a total of $10,000 through the nonprofit’s 2026 “Future of Jewelry Making” scholarship.
MajorsAug 20, 2026
Plumb Club Elects 2026-2027 BoardSteven Lerche is now beginning his term as the youngest member to become president of The Plumb Club’s elected executive committee.
MajorsAug 19, 2026
Mike Alexander To Succeed Scott Murphy as Jewelers Mutual CEO Murphy will retire at the end of the year and Alexander, currently the company’s president, will take over at the start of 2027.
Policies & IssuesAug 19, 2026
Spinelli Kilcollin Embraces Dupes With Trade-In ProgramThe jeweler is encouraging customers who own lookalike rings to come into the store and trade them for credit towards an authentic piece.
MajorsAug 19, 2026
Zales Wants You to Wear Fine Jewelry Every DayThe new campaign, “You Are The Occasion,” discourages shoppers from saving their fine jewelry for special occasions only.
CrimeAug 18, 2026
2 California Men Arrested in Fatal Vehicle Smash RobberyOne is the driver who allegedly crashed a car into a Sacramento jewelry store in April, striking a 71-year-old employee who later died.
ColumnistsAug 18, 2026
Peter Smith: The IKEA Effect and Bridal Branding In a new column, Peter Smith posits that people actually enjoy putting together IKEA furniture, and the same is true for engagement rings.
CrimeAug 18, 2026
Thieves Snatch $1M in Jewelry From New Jersey Jeweler9lakha Jewelers in Iselin, New Jersey, was the target of a smash-and-grab robbery on Aug. 8.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner’s Tequila Brand Collab on GiveawayThe jeweler has partnered with 818 Tequila to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Events & AwardsAug 17, 2026
Exhibition on Louis Comfort Tiffany’s Studios to Open at The MetThe exhibition will feature more than 100 drawings of stained-glass lampshades, windows, and more, many created by women and émigrés.
CollectionsAug 17, 2026
Marquise Diamonds Dance in Spinelli Kilcollin’s ‘Wren’ CollectionMarquise-cut diamonds in drop charms are the center of the new collection, reflecting the movement of a dancer in modular styles.
