Sourcing

Canadian Diamond Mining Co. To Be Acquired for $1.2B

SourcingJul 17, 2017

Canadian Diamond Mining Co. To Be Acquired for $1.2B

The Washington Companies has made a deal to buy Dominion Diamond Corp., which owns Ekati and 40 percent of Diavik.

2017_Ekati-Underground.jpg
A shot of the underground portion of Canada’s Ekati Diamond Mine. The mine’s owner, Dominion Diamond Corp., is set to be acquired by The Washington Companies in a deal valued at $1.2 billion. Washington lists extending the life of Ekati among its priorities. (© 2017 Dominion Diamond Corporation)

Missoula, Mont.--The Washington Companies is set to acquire Canadian diamond mining company Dominion in a deal valued at $1.2 billion.

Under the terms of the deal, Washington, a Missoula, Montana-based collection of mining, industrial and transportation businesses, will acquire all shares of Dominion Diamond Corp. for $14.25 per share in cash, a premium to the $13.50 per share Washington offered back in March when Dominion first started exploring a sale.

The agreement, which is subject to shareholder and Canadian regulatory approvals, would make the now-public mining company private.

The deal is expected to close in the fourth quarter.

Dominion Diamond Corp. operates the Ekati Diamond Mine and also owns 40 percent of the Diavik Diamond Mine; the remaining 60 percent is owned by Rio Tinto. Both mines are located in Canada’s Northwest Territories.

Dominion also has diamond sorting and selling operations in Canada, Belgium and India, and it owns the CanadaMark diamond brand, which it resurrected in 2014.

It is the world’s third largest producer of rough diamonds by value, behind De Beers and Alrosa.

Washington is a group of privately held mining, industrial and transportation companies founded by billionaire U.S. industrialist Dennis R. Washington. It includes Montana Resources, which operates a copper and molybdenum mine in Butte, Montana; railroad companies Montana Rail Link and Southern Railway of British Columbia; and Envirocon, which does environmental remediation.

The company said it will operate Dominion as a standalone business, keeping its headquarters in Canada and retaining the vast majority of Dominion employees while appointing a new CEO based in Canada for Dominion. Former CEO Brendan Bell left the company on June 30 and has not yet been replaced.

It also will continue to promote the CanadaMark diamond brand and put money into the Jay and Fox Deep projects. Jay is an undeveloped deposit at the Ekati mine while Fox Deep refers to a potential underground mine at Ekati’s mined-out Fox open pit.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Brilliant Earth Jolie Mosaics engagement ring
FinancialsAug 08, 2025
Brilliant Earth’s Q2 Sales Up 3% as Engagement Ring Sales Rise

The company raised its full-year sales guidance while noting it has not yet assessed the potential impact of the latest tariff news.

Jewellers for Hope charity event
Events & AwardsAug 08, 2025
GJEPC’s Jewellers for Hope Celebrates 10 Years of Fundraising

The organization has raised more than $1.3 million for charity since its inception.

Rahaminov Diamonds Emerald-Cut Diamond Bezel Bangle
TrendsAug 08, 2025
Piece of the Week: Rahaminov Diamonds’ Bezel Bangle

The brand’s latest iteration of a bezel-set diamond bangle features clean lines and a timeless design for a new modern silhouette.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Black and white photo of Tony Bennett near a microphone
WatchesAug 07, 2025
Bulova’s New Collection Honors Tony Bennett

The first watch in the series commemorates his participation in the Civil Rights movement, marching from Selma to Montgomery in 1965.

Weekly QuizAug 08, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Sapphire page in Chatham’s “Ultimate Lab-Grown Catalog”
Lab-GrownAug 07, 2025
Chatham Releases Catalog for Loose Lab-Grown Gemstones

The catalog contains a complete listing of all the loose gemstones in stock, as well as information about the properties of each stone.

Rembrandt Blue Jay, Hummingbird, Cardinal Bird Charms
TechnologyAug 07, 2025
Rembrandt Charms Debuts New Website, Bird Charms

The company added a retailer dashboard to its site and three new birds to its charm collection, the cardinal, blue jay, and hummingbird.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

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

Shipping containers on a ship
Policies & IssuesAug 06, 2025
Tariff on India to Rise to 50%, Trump Says

An additional 25 percent tariff has been added to the previously announced 25 percent.

Claire’s storefront
MajorsAug 06, 2025
Claire’s Files for Chapter 11 Bankruptcy Again

The jewelry and accessories retailer plans to close 18 stores as part of the proceedings.

Smith & Son Jewelers storefront Springfield Massachusetts
IndependentsAug 06, 2025
Smith & Son Jewelers to Close 107-Year-Old Location

Its Springfield, Massachusetts, store is set to close as owner Andrew Smith heads into retirement.

Zahn-Z Beluga Spout Grey Spinel Ring and Beluga Spout Mandarin Garnet Ring
CollectionsAug 06, 2025
Zahn-Z Swims With Whales in ‘Beluga’ Collection

Designer Hiba Husayni looked to the whale’s melon shaped-head, blowhole, and fluke for her new chunky gold offerings.

Paola De Luca presenting Trendbook 2026+ at Vicenzaoro
TrendsAug 06, 2025
Paola De Luca to Release Trendbook 2027+

She will present the 23rd edition of the trend forecasting book at Vicenzaoro on Sept. 7.

Omar Roy mugshot
CrimeAug 05, 2025
Report: Suspect Arrested in 1992 Murder of Miami Jeweler

Omar Roy, 72, was arrested in connection with the murder of jeweler Dionisio Carlos Valladares.

Mignon Faget Beyond Katrina Pendant and Beyond Katrina Pin
CollectionsAug 05, 2025
Mignon Faget Commemorates 20th Anniversary of Hurricane Katrina

The New Orleans-based brand’s “Beyond Katrina” jewels honor the communities affected by the storm.

National Jeweler columnist Lilian Raji
ColumnistsAug 05, 2025
The PR Adviser: Affiliate Marketing Is the Cost of Coverage

Lilian Raji explains why joining an affiliate network is essential for brands seeking placements in U.S. consumer publications.

Jewelers of America Logo
Events & AwardsAug 05, 2025
JA Announces Seymour & Evelyn Holtzman Bench Scholarship Winners

The organization has awarded a total of $42,000 through its scholarship programs this year.

2026 Gem Awards logo
Events & AwardsAug 04, 2025
Gem Awards, David Yurman Introduce $50K Grant for Emerging Designers

The winner of the inaugural David Yurman Gem Awards Grant will be announced live at the 2026 Gem Awards gala.

Marlo Laz peridot and diamond Alexandra earrings
TrendsAug 04, 2025
Amanda’s Style File: August’s Bright Baubles

As summer winds down, celebrate the sunny disposition of the month’s birthstones: peridot and spinel.

Surveillance image of Watch King robbery suspect
CrimeAug 04, 2025
‘The Watch King’ Assaulted, Robbed in Queens

Moshe Haimoff, a social media personality and 47th Street retailer, was robbed of $559,000 worth of jewelry by men in construction outfits.

Xavier Dibbrell
MajorsAug 04, 2025
Borsheims Welcomes New Assistant Facilities Manager

Xavier Dibbrell brings more than a decade of experience to the role.

Signet Jewelers logo
MajorsAug 01, 2025
Helzberg President Julie Yoakum Moves Over to Signet Jewelers

The addition of Yoakum, who will lead Kay and Peoples, was one of three executive appointments Signet announced Thursday.

Mike Alexander
MajorsAug 01, 2025
Jewelers Mutual Names Mike Alexander as President

The insurance company’s previous president and CEO, Scott Murphy, has split his role and will continue as CEO.

Hernsdorf Tears of Aphrodite Necklace
CollectionsAug 01, 2025
Piece of the Week: Hernsdorf’s ‘Tears of Aphrodite’ Necklace

The necklace uses spinel drops to immortalize the moment Aphrodite’s tears mixed with her lover Adonis’ blood after he was fatally wounded.

Lindsey Scoggins Studio convertible flower earrings
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award Winners

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

Matthew Tratner, new president of Continental Buying Group
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

Stock image of rough diamonds from the Kimberley mine
Policies & IssuesJul 30, 2025
Tariff on India Will Be 25%, Trump Says

The president made the announcement via Truth Social Wednesday, adding that India also will face a penalty for its dealings with Russia.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy