MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
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
behind our continued growth.”
More on Sourcing
The Latest
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
