CollectionsApr 02, 2025
Bea Bongiasca’s ‘Tarallo’ Collection Expansion Is a ZooThe pieces in “Animali Tarallo” portray animals from stingrays to elephants through portraits and interpretations of their patterns.
SourcingJul 17, 2017
Canadian Diamond Mining Co. To Be Acquired for $1.2B
The Washington Companies has made a deal to buy Dominion Diamond Corp., which owns Ekati and 40 percent of Diavik.
A shot of the underground portion of Canada’s Ekati Diamond Mine. The mine’s owner, Dominion Diamond Corp., is set to be acquired by The Washington Companies in a deal valued at $1.2 billion. Washington lists extending the life of Ekati among its priorities. (© 2017 Dominion Diamond Corporation)
Missoula, Mont.--The Washington Companies is set to acquire Canadian diamond mining company Dominion in a deal valued at $1.2 billion.
Under the terms of the deal, Washington, a Missoula, Montana-based collection of mining, industrial and transportation businesses, will acquire all shares of Dominion Diamond Corp. for $14.25 per share in cash, a premium to the $13.50 per share Washington offered back in March when Dominion first started exploring a sale.
The agreement, which is subject to shareholder and Canadian regulatory approvals, would make the now-public mining company private.
The deal is expected to close in the fourth quarter.
Dominion Diamond Corp. operates the Ekati Diamond Mine and also owns 40 percent of the Diavik Diamond Mine; the remaining 60 percent is owned by Rio Tinto. Both mines are located in Canada’s Northwest Territories.
Dominion also has diamond sorting and selling operations in Canada, Belgium and India, and it owns the CanadaMark diamond brand, which it resurrected in 2014.
It is the world’s third largest producer of rough diamonds by value, behind De Beers and Alrosa.
Washington is a group of privately held mining, industrial and transportation companies founded by billionaire U.S. industrialist Dennis R. Washington. It includes Montana Resources, which operates a copper and molybdenum mine in Butte, Montana; railroad companies Montana Rail Link and Southern Railway of British Columbia; and Envirocon, which does environmental remediation.
The company said it will operate Dominion as a standalone business, keeping its headquarters in Canada and retaining the vast majority of Dominion employees while appointing a new CEO based in Canada for Dominion. Former CEO Brendan Bell left the company on June 30 and has not yet been replaced.
It also will continue to promote the CanadaMark diamond brand and put money into the Jay and Fox Deep projects. Jay is an undeveloped deposit at the Ekati mine while Fox Deep refers to a potential underground mine at Ekati’s mined-out Fox open pit.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
MajorsApr 02, 2025
Neiman Marcus’ Dallas Flagship Will Remain Open, For NowParent company Saks Global said the iconic location will be open through the holiday season as it decides what to do with the space.
Policies & IssuesApr 02, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
MajorsApr 01, 2025
QVC Group to Cut 900 Jobs in the U.S.The layoffs come amid the TV shopping channel’s efforts to restructure and focus on live shopping through social media.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
