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
ColumnistsSep 14, 2026
Sherry Smith: Stop Waiting for December to Save Your ChristmasThe stores that have a great December are the ones that made good decisions in August, September, and October, Sherry Smith writes.
AuctionsSep 14, 2026
22 Carats of ‘Sunshine’ Are Up for AuctionThe 22.09-carat fancy yellow “Pragnell Kimberley Sunshine Diamond” is part of the fall jewelry sale at Heritage Auctions.
IndependentsSep 14, 2026
Greenwich St. Jewelers to Unveil Photography Exhibition“Adornos: Jewelry, Memory & What We Pass Down” honors the jewelry’s importance to New York City’s Latine communities.
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.
CollectionsSep 11, 2026
A Sapphire ‘Stardust’ Ring From Greenwich St. Jewelers The Latine-owned New York jeweler is marking two milestones this year: its 50th anniversary and the 25th anniversary of the 9/11 attacks.
Weekly QuizSep 10, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsSep 11, 2026
The Wishing Place by JTV OpensThe jewelry retail broadcast network has sponsored a new space for Make-A-Wish East Tennessee on its campus in Knoxville.
Events & AwardsSep 11, 2026
The Edge Awards Scholarships to 2 Young Jewelry ProfessionalsThe recipients were recognized at the 24 Karat Club of the Southeastern United States’ annual banquet.
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.
MajorsSep 10, 2026
Lagos Founder Steven Lagos Steps Down as CEO Keith Rolfe, CFO and COO of Lagos, is now at the jewelry brand’s helm while Steven takes on the role of executive chairman.
CrimeSep 10, 2026
FBI Offers $50K Reward for ‘Most Wanted’ Fugitive in $1M Jewelry HeistAlberto Perez-Elias is one of four men charged in the armed robbery of a Cape Coral, Florida, jewelry store and remains at large.
AuctionsSep 10, 2026
Massive Matched Pair of Paraíba Tourmalines Head to Sotheby’sThe “Kat Florence Luminas” will be offered together as one lot and could fetch up to $637,000.
SourcingSep 10, 2026
AGTA Announces 4 Newly Elected DirectorsFour directors were elected to the AGTA board and will serve three-year terms beginning in February.
AuctionsSep 10, 2026
Former Sotheby’s, Christie’s Exec Appointed CEO of Julien’s Auctions Ken Citron joins the celebrity memorabilia-focused auction house ahead of its first week-long series of events in Abu Dhabi.
FinancialsSep 09, 2026
Signet Jewelers to ‘Double Down’ on Blue Nile Amid Strong SalesThe jewelry retailer said it sees opportunity at higher price points, particularly in natural diamonds for bridal and fashion.
IndependentsSep 09, 2026
Sarah Leonard Fine Jewelers Closes After Nearly 80 YearsThe Los Angeles-based, family-owned jeweler was founded by Lenny and Sunny Friedman in 1946.
SourcingSep 09, 2026
Fura Gems Notes ‘Remarkable’ Interest in Larger Rubies at Latest SaleThe auction, held in Bangkok, was 96 percent sold by lot, with nearly 411,000 carats of Mozambiquan rubies sold.
MajorsSep 09, 2026
Stuller’s Latest Catalog Includes Its New Demi-Fine CollectionFine Jewelry 2027-2028 has more than 900 new styles, including silver, gold-filled, gold-plated sterling silver, and vermeil jewelry.
Policies & IssuesSep 09, 2026
8 Key Changes the FTC Made to the Jewelry Guides: A Refresher Learn more about the new terms for lab-grown diamonds and composite gemstones, and the major changes in store for precious metals jewelry.
IndependentsSep 08, 2026
Ricky Bromberg, Longtime President of Bromberg & Co., Dies at 67 Bromberg is remembered as a Southern gentleman who always wore a suit and tie and treated others with kindness.
TrendsSep 08, 2026
Amanda’s Style File: A Hot Take on September’s Birthstone With high durability and a wide range of colors to choose from, sapphires may be the ultimate birthstone, Gizzi claims.
ColumnistsSep 08, 2026
Peter Smith: Humor Is No Laughing MatterLaughter is often considered a distraction in the workplace, but it has benefits for both staff and management, Peter Smith writes.
MajorsSep 08, 2026
Former Tiffany & Co. Exec Joins Exemplar Luxury GroupGretchen Koback Pursel is the new chief people officer at the company formerly known as Saks Global.
IndependentsSep 04, 2026
Orloff Jewelers Will Soon Unveil a Bigger, Better LocationThe California jeweler is renovating its store in Fresno, with plans to show off the new space in December.
CollectionsSep 04, 2026
Chelsea Gabrielle Transforms Pilates Reformer Springs Into Ring A lifelong practitioner of Pilates, Gabrielle looked to the springs’ tension and suspension when creating this ring, our Piece of the Week.
Events & AwardsSep 04, 2026
JCK Industry Fund Accepting 2027 ApplicationsThe deadline to apply is Nov. 13.
AuctionsSep 04, 2026
Christie's Names New Global Head of WatchesThe auction house has promoted Remi Guillemin, formerly its head of watches for the Americas and EMEA, to the role.
EditorsSep 03, 2026
Q&A: Simon G.’s CEO on Why He Won’t Use AI for Jewelry DesignZaven Ghanimian discussed the value of human craftsmanship and where the implementation of artificial intelligence does work.
