The one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
Dominion Diamond Completes Sale of Ekati Mine
A new entity called Arctic Canadian Diamond Company Ltd. now owns the mine as well as a nearby diamond exploration project.
Calgary, Alberta—Dominion Diamond Mines has completed the sale of the Ekati mine and an associated diamond exploration project in Canada’s Northwest Territories.
The Canadian mining company announced completion of the sale, which was OK’ed by the Alberta Court of Queen’s Bench in December, to DDJ Capital Management, Brigade Capital Management and Western Asset Management Company last week.
Together, the companies have formed a new entity, Arctic Canadian Diamond Company Ltd., that now owns all of Dominion’s assets, excluding its interest in the Diavik Diamond Mine.
It also owns the Lac de Gras Diamond Project, an exploration site located just south of Ekati and Diavik.
The company will have offices in Canada and Belgium, and, a spokesperson confirmed, will continue to market its diamonds using the CanadaMark hallmark.
In exchange, Arctic assumes Dominion’s various debts to its creditors, employees, suppliers, and surety bond holders, including the $70 million the company owes under its existing revolving credit agreement, and the reclamation obligations of the Ekati mine.
DDJ Capital, Brigade and Western Asset will also provide Arctic with a new $85 million fully funded working capital facility that ranks behind the first-lien lenders.
Dominion Chief Financial Officer Kristal Kaye said the sale significantly reduces the miner’s debt obligations while providing sufficient liquidity to fund operations and invest in future growth.
Dominion filed for insolvency protection in April, citing the disruption COVID-19 caused to the diamond market.
It originally announced a plan to sell itself to affiliates of its current owner, The Washington Companies, but that deal fell through in the fall. News of the new deal with the wealth management firms surfaced in December.
Ekati has been closed since March 2020, with only a skeleton crew remaining on site after Dominion put the mine into care and maintenance mode.
The company began a 10-week phased reopening in November, recalling about 60 of the mine’s 1,000-plus workers, and returned to full operations on Jan. 20.
It said last week it anticipates recalling all employees by Feb. 25.
“We are excited to have our employees back at work and to have Ekati in full production again,” Interim President Rory Moore said in the release announcing completion of the sale.
“We are also very grateful to our new owners for the commitment they have demonstrated to Ekati and its stakeholders. This new partnership will bring fresh perspectives to our operations and be the driving force
The Latest
“My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
The suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
Roy Safit took over the role on Jan. 1.
Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
The company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Now in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
Core retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
The “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
Peter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
Pantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Julia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
The company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
The necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
Jameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
The 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
The watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
The jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
Associate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
The closures are part of the retailer’s plan to close 150 locations over a three-year period.
The online guide is available for free and written with the jewelry industry in mind.