The 23-carat fancy vivid blue diamond, set to headline Christie’s May jewelry auction, was expected to sell for as much as $50 million.
Dominion Diamond Exploring Potential Sale
The company’s board of directors has set up a committee to review its “strategic alternatives.”
Yellowknife, Northwest Territories--Canadian diamond mining company Dominion Diamond Corp. said it is exploring the possibility of a sale.
In a company statement, Dominion said its board of directors has formed a special committee to “explore, review, and evaluate a range of potential strategic alternatives focused on maximizing shareholder value.”
Working together with the company’s management team and advisors, it will consider alternatives for Dominion that could include the sale of the company or “other strategic transactions.”
The members of the committee are Trudy Curran, Jim Gowans, David Smith and Josef Vejvoda.
Dominion said the board has not set a timetable for this process or made any decisions yet in terms of the “strategic alternatives,” noting that there’s no assurance of a sale or change in strategy.
TD Securities Inc. is acting as financial advisor to Dominion, Stikeman Elliott LLP is acting as legal advisor and Kingsdale Advisors is acting as strategic advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to the committee and the board of directors.
The announcement from the company doesn’t come as a surprise, as there have already been some reports this year about offers being made and talks being had.
Last month, billionaire Dennis Washington’s company, Washington Corporations, publicly made a $1.1 billion offer to acquire the company, an expression of interest which was unsolicited, Dominion said in a statement.
Dominion’s board considered the expression of interest, including with the benefit of legal and financial advice, but noted in a press release that “WashCorps does not have experience in the highly specialized diamond mining and marketing industry. WashCorps also advised that they did not have any unique plans for the business.” It also said the company had undervalued Dominion in its offer.
And just last week, Reuters reported that Dominion and Canadian diamond miner Stornaway were in talks about a potential merger.
In Dominion’s company statement, Chairman James Gowans said, “While the board of directors remains confident in the company’s long-term strategic plan and the opportunity it provides to enhance value for all shareholders, we are open to exploring all strategic alternatives that are in the best interests of the company and its stakeholders. The Board is committed to maximizing shareholder value through a fair and open process and we look forward to engaging constructively with all parties.”
Last month, CEO Brendan Bell announced he would be stepping down on June 30
The Latest

G.B. Heron Jewelers in Salisbury, Maryland, is set to close as its owner, Jeff Cassels, retires.

Emmanuel Raheb outlines the differences between the two platforms and posits that the most successful jewelers use both.

Supplier Spotlight Sponsored by GIA

U.S. customs agents in El Paso, Texas, intercepted the package, which would have been worth $9 million if the jewelry was genuine.


Health monitors become statement pieces when paired with the brand’s new collection of stackable diamond-studded bands.

Ten organizations were selected this year.

Six new retail businesses were selected for the 2025 program, which began in January.

Kim Carpenter and Sam Gevisenheit have joined the brand.

“Shell Auranova” is the next generation of the brand’s bridal line, featuring half-bezel engagement rings with bold and fluid designs.

Boucheron and Pomellato performed well in an otherwise bleak quarter for Kering amid struggles at Gucci.

Designer Deborah Meyers created her birds from oxidized sterling silver, rose-cut diamond eyes, and Akoya Keshi pearl feathers.

Sponsored by the Gemological Institute of America

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The company failed to file its quarterly reports in a timely manner.

The organization also announced its board of directors.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.