Sponsored by the Gemological Institute of America
Want to Buy a Diamond Mine?
De Beers is set to flood its Snap Lake mine in Canada, unless another mining company wants it.

Calgary, Alberta--De Beers plans to flood its Snap Lake mine in Canada this fall, unless another mining company wants to buy it.
Earlier this month, the diamond miner and marketer announced that it had received the necessary permits to flood the mine, which was Canada’s first underground diamond mine and one of the operations featured on the first season of Ice Road Truckers.
Snap Lake has been mothballed since December because it wasn’t profitable, but De Beers has been paying to keep the pumps going to keep water from flooding the operation, said Tom Ormsby, head of external and corporate affairs at De Beers Canada.
This type of maintenance is costly, however, and since there are no plan to resume mining there anytime soon De Beers asked, and received, permission from the local Mackenzie Valley Land and Water Board to shut down the pumps and let water fill the mine.
Ormsby said the flooding is set to take place in October or November and planning for that is taking place right now.
At the same time, De Beers is running a “parallel process” in which it is checking the market to see if another mining company wants to purchase Snap Lake, he said.
There’s still 20 to 30 million carats in the ground and the diamond mine, which had been in operation for eight years when it was shut down, is believed to have another 12 years left in it.
“We still believe there’s value in that ore body,” Ormsby said.
He could not comment on whether or not there’s been any interest in Snap Lake so far and declined to comment on a CBC News report in which analysts said it is unlikely De Beers will find a buyer for the mine.
“Certainly, everyone is entitled to their analysis of what may or may not work,” Ormsby said.
The Latest

The 2025 Australian Open champion is the jewelry brand’s first athlete ambassador.

The West Village jewelry boutique’s new shop-in-shop is the cornerstone of Nordstrom’s revamped jewelry hall.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The brand’s “Golden Strada” statement necklace features round, marquise, and pear diamonds that sparkle like Fourth of July fireworks.


JSA’s Scott Guginsky provided a list of nine security measures jewelers should observe while locking up for the long weekend.

Located on Rodeo Drive, the store’s design was inspired by Hollywood and Los Angeles culture.

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

The new location continues the brand’s celebration of its 25th anniversary.

The online watch marketplace’s “Time Is Our Thing” campaign highlights the importance of time.

Working with Amazon’s Counterfeit Crimes Unit and law enforcement, Pandora helped to shut down a large-scale counterfeit network in China.

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

The best time to prepare for the holiday season is right now, according to columnist Emmanuel Raheb.

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

“The Jewelry Book” comes out this September.

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

AGS also named the recipient of its “Women in Leadership” scholarship.

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.