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 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.
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.
Lab-GrownAug 18, 2026
Ring Concierge, Kendall Jenner Collab on Bridal Earrings GiveawayThe jeweler has partnered with Jenner’s 818 Tequila brand to gift lab-grown diamond studs to a bride-to-be and their bridal party.
Weekly QuizAug 13, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
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.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsAug 17, 2026
There’s a New Jewelry Show Coming to FloridaThe inaugural Fort Lauderdale Jewelry, Antique, & Object Show will be held from Jan. 28 through Feb. 1, 2027.
IndependentsAug 14, 2026
Smyth Jewelers to Open Fourth LocationThe family-owned jeweler will open a new showroom in Bel Air, Maryland, this fall.
CrimeAug 14, 2026
Wife of Man Convicted in Jeweler’s Murder Sentenced for Conspiracy Amanda Ileana Hernandez is married to Carlos Hernandez, one of two men in prison for the 2024 murder of Michigan jeweler Hussein Murray.
TrendsAug 14, 2026
Paul Morelli’s Latest ‘Wavey Vine’ Earrings Embrace ColorThe reimagined jewel, our Piece of the Week, trades the diamonds in the original 1998 design for blue, pink, yellow, and green sapphires.
Supplier BulletinAug 13, 2026
Your Piece Could Be the One Editors Talk AboutSponsored by American Gem Trade Association
FinancialsAug 13, 2026
Pandora’s ‘Talisman’ Collection Shines, Lab-Grown Diamond Sales FallIn the United States, second-quarter sales were flat amid soft consumer sentiment and lower in-store traffic.
AuctionsAug 13, 2026
This Gold Cadbury ‘Conundrum’ Egg Set a World Auction RecordThe 22-karat gold egg, sold at Batemans Auctioneers in the U.K., was part of a 1980s treasure hunt ad campaign for Cadbury Creme Eggs.
CollectionsAug 13, 2026
John Hardy Infuses ‘Icon,’ ‘Heishi’ Collections with ColorThe expanded collections now feature hand-cut gemstones like topaz, tanzanite, chrysoprase, chalcedony, smoky quartz, and fire opal.
Lab-GrownAug 13, 2026
Jean Dousset Opens Third StoreThe lab-grown diamond jewelry brand’s newest boutique is in Westfield Valley Fair in Santa Clara, California.
CrimeAug 12, 2026
Elderly NYC Woman Targeted in Jewelry Swap SchemeTwo suspects offered to trade the woman a “winning” lottery ticket for her jewelry.
SourcingAug 12, 2026
Another Diamond Mine Poised to CloseFinsch has been in business rescue since May, and owner Petra Diamonds said it sees no viable path forward for the mine.
CrimeAug 12, 2026
Jewelry Store Employee Gets 20 Years to Life in Choking Death of BossMichel Patrick DeSalles was sentenced after pleading guilty to the 2017 murder of Omid Gholian, who owned a jewelry store in Manhattan.
MajorsAug 12, 2026
Frederick Goldman Names New SVP of SalesLongtime industry executive Beth Miller has taken on the role.
AuctionsAug 11, 2026
Verdura Unicorn Brooch With Royal Connection Up for Auction The brooch was owned by Virginia Fortune Ryan Ogilvy, who served as a lady of the bedchamber to Queen Elizabeth II for nearly 50 years.
MajorsAug 11, 2026
Signet Jewelers Selects Mattel Exec to Lead Zales, BanterJamie Cygielman will take on the role on Aug. 24.
IndependentsAug 11, 2026
Polly’s Fine Jewelry Co-Owner Richard Moore Dies at 69Moore, Polly’s husband, is remembered as a family man with an easygoing spirit and a love for sports and the outdoors.
ColumnistsAug 11, 2026
Creative Connecting: How to Sell Colored Gemstones to Gen ZDuvall O’Steen and Jen Cullen Williams share the best ways to display, present, and explain colored gemstones to younger customers.
Events & AwardsAug 11, 2026
NAJA Announces Lineup For 2026 Fall Virtual ConferenceThe mid-year conference for jewelry and watch appraisers will take place Sept. 5-6 on Zoom.
TechnologyAug 10, 2026
Colorado Jeweler Launches Customization Tool He Built HimselfHonest Hands Ring Co. Founder Benjamin Bosworth shared his thoughts on jewelry technology and why AI can never replace the human element.
