Onyx Partners has submitted a second offer to buy the department stores after its first offer fell through last year.
By 2019, De Beers Will Be Down to 1 Active Mine in Canada
The Victor open-pit diamond mine will cease operations in early 2019, leaving only Gahcho Kué.

Calgary, Canada--De Beers announced late Wednesday that it plans to close one of the two active diamond mines it has in Canada.
The open-pit Victor mine in northern Ontario opened in 2008 and was projected to produce 6 million carats of rough diamonds during its lifetime. To date, the mine has produced 7 million and De Beers said the decision to close it is in line with the original feasibility study and current life-of-mine plan.
Tom Ormsby, De Beers Canada spokesman, said the company will gradually reduce the workforce at Victor over the next 16 months.
Not including contractors, De Beers employees will number 350 in January 2018, 277 in December and then go down to 79 for the decommissioning, demolition, reclamation and environmental monitoring phase that will take place after mining and processing ends.
De Beers has been operating in Canada since 1961, when it first began exploring for diamonds there.
The company came across the Victor kimberlite cluster, the first economically viable diamond discovery in Canada, in 1987 and opened the Victor mine in 2008.
The closure of the Victor a little more than a year from now will leave De Beers with one operating mine in Canada, Gahcho Kué, and the news comes just a week after De Beers all but confirmed reports that it will shut down four land diamond mines in Namibia by 2022.
Outside of Victor and Gahcho Kué, De Beers has the underground Snap Lake Mine in Canada but that mine has been inactive since December 2015.
De Beers said that it developed a mine closure plan before Victor opened and already has started reclamation work on the land, including the planting of more than 200,000 tree saplings and willow stakes that were harvested and grown locally through a community youth work program.
After mining ceases in early 2019, the demolition and environmental monitoring phase will begin and will take three to five years.
De Beers said it will be hiring people and awarding contracts for this phase of the mine’s shutdown, supplementing the 79 employees expected to remain employed after Q1 2019.
Editor's note: This story was updated post-publication to include information obtained from De Beers about employment numbers at the mine.
The Latest

Solomon Brothers Jewelers has partnered with local cocktail bar Roaring Social on a new martini garnished with a tennis necklace.

Benjamin Siegel, son of President and CEO Hank Siegel, started working for the family business this week.

Retailers are seeking new ways to attract customers, increase traffic, and create revenue – Estate buying events are a popular solution.

The new space features a modern design that blends Bulgari’s Roman heritage with San Diego’s coastal spirit.


Four men were charged in connection with the break-in and accused of stealing $365,000 in cash, jewelry, and designer goods.

André Branch has more than 25 years of experience with various brands, most recently serving as CEO of Ariana Grande’s cosmetics company.

Colored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.

New York-based atelier Gemlok is best known for creating the innovative “bridge” setting that became popular in the bridal market.

Santana Now's debut collection, “Unidad,” features symbolic motifs as well as pieces of wood from the Woodstock stage.

The 50-year-old man pleaded guilty earlier this year to robbing two jewelry stores and a pawn shop of more than $700,000 in merchandise.

The watch’s dial features an original design by Marvel comics illustrator Adam Kubert.

The new collection of lab-grown diamond and colored gemstone jewelry provides a “fresh perspective” on the category, Chatham said.

While some August babies are team peridot, the month's time-honored birthstone, others are team spinel, the newer alternative.

Edina Kiss’ “Popsicle” pendant and Karina Choudhrie’s “Ice Cream” charm satisfy that summer craving for a sweet piece of jewelry.

The massive billboard has been in the same spot on the department store’s Herald Square flagship store for decades.

David Bonaparte, along with Tim Haake and Ronnie VanderLinden, continue to lobby for tariff exemptions for diamonds, gemstones, and pearls.

Survey respondents were concerned about the rising prices of food and groceries as well as unemployment.

The trade show, slated for Sept. 4-8 in Vicenza, Italy, will feature sessions on trends, AI, gemology, and manufacturing.

The public shopping event featuring art, jewelry, watches, and rare collectibles, will take place in Santa Clara, California, this fall.

Endiama Commercial Director Elton Escrivão knows people have a lot of misperceptions about Angola. He wants to change that.

Reilly has been with PGI USA for the last 20 years, leading partnership development and professional education.

Boucheron reached record sales while Pomellato found success in its signature collections.

She was one of more than 120 American designers who created flags for the “United Flags of Fashion” project led by CFDA and Vogue.

Smith reveals the method The Retail Smiths use to help retailers and vendors write better job postings.

LVMH’s jewelry and watch brands outperformed the company’s other divisions in an environment the company described as “disrupted.”

“Sacred Heart” features symbols like crosses, angel wings, the Star of David, and the evil eye as a representation of coexistence.
























