Events & AwardsJun 05, 2023
HardRock Summit Organizers Gear Up for Third Annual ShowMore than 250 gem, jewelry, and mineral companies are expected to exhibit, including the American Gem Trade Association.
SourcingDec 16, 2020
Court OKs Sale of Ekati Diamond Mine
Two wealth management firms are acquiring substantially all the assets of the mine’s owner, Dominion Diamond.
The Alberta Court of Queen’s Bench has approved the sale of substantially all assets of Dominion Diamond to DDJ Capital Management and Brigade Capital Management. The company operates the Ekati Diamond Mine, seen here, and has a controlling interest in a nearby diamond exploration project.
Calgary, Alberta—A Canadian court has approved the sale of Dominion Diamond Mines ULC to a pair of wealth management firms, paving the way for the Ekati mine to reopen in early 2021.
The Alberta Court of Queen’s Bench approved the sale of Dominion to DDJ Capital Management LLC and Brigade Capital Management LP on Monday.
Under the terms of the deal, the firms acquire substantially all Dominion’s assets—which include the Ekati Diamond Mine in Canada’s Northwest Territories—while taking on $70 million in debt and providing a $70 million working capital facility that ranks behind the first-lien lenders.
DDJ and Brigade also agreed to fulfill Dominion’s obligations to: its employees, including their pensions; the Canadian government, including restoring the land at Ekati; and its Impact Benefit Agreement partners and other Indigenous groups and Northern communities.
In addition to Ekati, Dominion has a controlling interest in the Lac de Gras diamond exploration project just south of Ekati and Diavik.
The company also has a 40 percent stake in the nearby Rio Tinto-operated Diavik Diamond Mine, but that mine is not part of the sale. Dominion and Rio Tinto are involved in a separate legal battle regarding their partnership in Diavik.
Dominion Diamond filed for insolvency protection in April.
The company originally planned to sell itself to affiliates of its current owner, The Washington Companies, but that deal fell through over the objections of Dominion’s insurers.
Dominion announced the terms of its new deal with the wealth management firms last week. Both DDJ Capital Management and Brigade Capital Management serve as investment advisors to holders of the company’s second-lien notes.
The sale is subject to regulatory approval and other customary closing conditions and is expected to close by Feb. 1, though the parties have the option to extend the deadline if needed.
Dominion has said it is “making all efforts” to restart operations at Ekati by the end of January. The mine has been on care and maintenance since mid-March.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
TrendsJun 02, 2023
Take a Peek at Couture’s Newest Design Talents This year’s Design Atelier is full of gems.
CollectionsJun 02, 2023
Piece of the Week: Saboo Fine Jewels’ Emerald EarringsThey’re a testament to the power of excellent design.
Brought to you by
The Next Step for GIA Diamond ReportsThe most trusted diamond report, available in print or the GIA App.
IndependentsJun 02, 2023
These Are the 2023 Retailer Hall of Fame InducteesThis year’s honorees include one of Florida’s largest independent jewelers and two multi-store independents in the Chicago and New York areas.
Weekly QuizJun 02, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
TrendsJun 01, 2023
See 50+ Jewels Debuting at Couture in Las VegasThe industry’s most influential contemporary designers are showcasing their latest jewelry designs.
Lab-GrownJun 01, 2023
35-Carat Lab-Grown Diamond Going on Display in VegasCreated by Maitri Lab-Grown Diamonds and graded by IGI, it’s slightly bigger than the record-setting lab-grown diamond GIA just examined.
Brought to you by
Beyond Borders: Crucial Factors in Colored Stone Origin DeterminationNavigate origin determination with Continuing Education seminars offered by the GIA Alumni Collective™.
MajorsJun 01, 2023
Bottom Line Marketing Announces Restructured Leadership, New Service OfferingsThe marketing agency has integrated its first C-suite.
Events & AwardsJun 01, 2023
Meet JCK’s 2023 Keynote SpeakerThe jewelry trade show also will debut educational content centered around social media.
TrendsMay 31, 2023
Here’s a Sneak Peek of New Jewelry to Check Out at JCKLuxury kicks off today, with the full show in swing on Friday.
CollectionsMay 31, 2023
Verragio’s Debut Fine Jewelry Collections Honor Company HeritageOne of the three new collections was inspired by the legend of a woman who traded her mansion to Cartier for two strands of natural pearls.
MajorsMay 31, 2023
Signet Jewelers Names New Head of Investor RelationsRob Ballew will be tasked with communicating the jewelry giant’s plans and financial performance to investors.
MajorsMay 31, 2023
Jewelers Mutual Launches App for Retailers, Introduces New BrokerageWith the app, customers receive a 15-day insurance offer on new purchases while their coverage needs are being evaluated.
Lab-GrownMay 30, 2023
Lightbox Is Testing Out a Trendy Concept Shop in BrooklynIt is in House of Showfields, a bazaar-style retail space in the borough’s Williamsburg neighborhood.
Events & AwardsMay 30, 2023
These Are the Can’t-Miss JCK Talks Education SessionsFrom consumer trends to retail technology, these are the JCK Talks sessions that should be on attendees’ radar.
AuctionsMay 30, 2023
Sotheby’s to Auction Mellon Family JewelrySignature pieces from Cartier and David Webb will appear in the June jewelry auction.
Events & AwardsMay 30, 2023
24 Karat Club of Southern California Recognizes 3 HonoreesThey will be celebrated at the annual dinner dance and gala in the fall.
GradingMay 26, 2023
State of the Diamond Industry: AI and the Future of Diamond GradingGemologists have long used machines in diamond grading but technology has made it possible for them to “learn” how to do it on their own.
Recorded WebinarsMay 26, 2023
Watch: Diamond Cut Quality: The Final Frontier Part 2Supplier Spotlight Sponsored by IGI
Recorded WebinarsMay 26, 2023
Natural and Lab-Grown Diamonds: What It’s Like to Sell Both Watch retailers Jeffery Bolling and Bobby Bengivengo discuss employee training, customer education and the sticky subject of future value.
FinancialsMay 26, 2023
Movado Sales Slip in Q1 Amid Inflation Woes, Tough CompsThe company has plans to revamp the Movado brand and offer less expensive watches this year.
AuctionsMay 26, 2023
Piece of the Week: A Bulgari Sapphire and Diamond NecklaceSet with a 118-carat unheated Sri Lankan sapphire, it just sold for $3.4 million at Phillips jewelry auction in Hong Kong.
Supplier BulletinMay 25, 2023
RAE Fine Jewelry Collection Debuting at JCK Luxury 2023Sponsored by Noam Carver
TechnologyMay 25, 2023
State of Retail: Why Jewelers Need to Invest in Cybersecurity NowAs cybercrime incidents threaten the industry, jewelers need to know what they’re up against and the best ways to protect their businesses.
IndependentsMay 25, 2023
Louis Anthony Jewelers Is Remodeling and ExpandingThe Pittsburgh jeweler is redoing the lighting and showcases, and adding a full hospitality bar as well as new shop-in-shops.
MajorsMay 25, 2023
Stanley Zale Joins Hill & Co. as Principal Consultant Zale has more than 40 years’ experience in the diamond industry, including 17 years as Stuller’s VP of diamonds and gemstones procurement.
