CollectionsJan 24, 2025
Piece of the Week: Ashley Zhang Jewelry’s Lunar New Year NecklaceThe one-of-a-kind necklace was designed in celebration of the Chinese New Year, as 2025 is the Year of the Snake.
SourcingFeb 09, 2021
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.
This file photo shows workers in the underground portion of the Ekati Diamond Mine in Canada’s Northwest Territories. The mine recently reopened after a pandemic-induced shutdown that was complicated by the sale of its parent company, which was finally completed last week. (© 2017 Dominion Diamond Mines)
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
Editors' Picks
Sponsored by
behind our continued growth.”
More on Sourcing
The Latest
Recorded WebinarsJan 24, 2025
Watch: Fine Jewelry Market Predictions for 2025 “My Next Question” guests Sherry Smith and Edahn Golan share their 2025 forecasts, from sales and marketing to what retailers should stock.
Policies & IssuesJan 24, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
CrimeJan 23, 2025
4 Men Arrested After Allegedly Plotting to Kidnap JewelerThe suspects are accused of planning to kidnap a Miami jeweler and rob him of his cryptocurrency.
Weekly QuizJan 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeJan 23, 2025
Security Guard Killed in Armed Robbery at Namibian Diamond Co. Francis “Gosh” Eiseb, 58, was a senior protection officer for Namib Desert Diamonds, also known as Namdia, in Windhoek, Namibia.
Events & AwardsJan 23, 2025
Plumb Club Announces Speaker Lineup for Symposium ‘25The second annual learning forum for retailers is slated for March 13 at City Winery in Pier 57 in New York City.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
SourcingJan 23, 2025
Fancy Color Research Foundation Names New CEORoy Safit took over the role on Jan. 1.
ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
