MajorsJan 02, 2026
Marc Metrick Out as CEO of Saks Global Executive Chairman Richard Baker will take over the role as rumors swirl that a bankruptcy filing is imminent for the troubled retailer.
SourcingSep 28, 2020
Dominion Diamond Finds Buyer, Asks for Creditor Protection
The Washington Companies, affiliates of the company that currently owns Dominion, were the only bidders for the mining company.
The main camp at the Ekati Diamond Mine in Canada’s Northwest Territories is seen here in this file photo. A buyer has come forward for the mine’s troubled owner, Dominion Diamond Mines.
Calgary, Alberta—The company that operates the Ekati Diamond Mine has found a new-yet-familiar buyer and is asking for some more “breathing room” when it comes to repaying its debts.
After filing for insolvency protection in April, Dominion Diamond Mines ULC announced Sept. 16 it had struck a deal with Canadian Diamond Holdings LP and CA Canadian Diamond Mines UL, affiliates of current owner The Washington Companies.
The two subsidiaries have agreed to purchase it for $126 million, with $20 million made available to pre-filing trade suppliers.
Not included in the deal is Dominion’s share in the nearby Diavik Diamond Mine. Dominion is a 40 percent joint venture partner in Diavik, which Rio Tinto operates.
Both mines are located in Canada’s Northwest Territories, less than 200 miles from the Arctic Circle.
Canadian Diamond Holdings and CA Canadian Diamond Mines were the stalking-horse, and only, bidders for Dominion.
If completed, the deal will see the companies assume all of Dominion’s Ekati-related operating liabilities, including offering employment to most of the company’s employees.
The Ekati Diamond Mine has been on care and maintenance since mid-March, when Dominion said it was shutting it down due to COVID-19-related concerns, leaving hundreds out of work.
The mining company has not given an exact date on when production at Ekati will restart, though it has sold some diamonds through its Antwerp office, recent court filings show.
According to a report filed Sept. 23 by FTI Consulting Canada Inc., the monitor overseeing the company’s restructuring, Dominion netted $46 million from diamond sales earlier this month and was expected to bank $8 million more last week.
“However, it is uncertain how sustainable the gradual reopening will be,” FTI noted in the filing, adding that Dominion may consider selling more diamonds “should the economics be considered favorable.”
The company will use the net revenue from these diamond sales to pay back some of the money it has drawn under an interim financing facility.
Dominion’s sale to the two subsidiaries of The Washington Companies, which is subject to a number of conditions, is expected to close Nov. 7.
In the meantime, Dominion has asked for another extension of creditor protection, an injunction that prevents creditors from coming after the company for debts owed.
Originally set to expire May 2, the court extended the protection period to Sept. 28. Dominion is asking for a second extension to Nov. 7, the expected closing date of the sale.
Dominion Chief Financial Officer Kristal Kaye noted in a Sept. 18 affidavit that the extension would give the companies the “necessary breathing room … as they continue to work toward their restructuring objectives.”
More on Sourcing
The Latest
Events & AwardsJan 02, 2026
Jan Mohr, Couture’s ‘North Star,’ Dies at 71Mohr had just retired in June after more than two decades as Couture’s retailer liaison.
CollectionsJan 02, 2026
Lalaounis’ 2026 Good Luck Charm Speaks to ResilienceThis year’s good luck charm features the mythical horse Pegasus, and is our first Piece of the Week of the new year.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsDec 30, 2025
Becka Johnson Kibby to Lead Edge Retail AcademyAs part of the leadership transition, Sherry Smith will take on the role of vice president of coaching strategy and development.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Tanishq Opens New Stores in Florida, VirginiaThe retailer is expanding into areas with large Indian and South Asian populations.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
