FinancialsMar 20, 2026
Macy’s Turnaround Plans Shows Promise, Boosted by Bloomingdale’sPlus, why Saks Global’s bankruptcy may have given Bloomingdale’s an edge.
SourcingApr 24, 2020
Operator of Ekati Diamond Mine Granted Insolvency Protection
Dominion Diamond Mines also has a 40 percent stake in the Diavik mine.
A file photo of the main camp at the Ekati Diamond Mine. The mine’s owner, Dominion, filed for insolvency protection under the Companies’ Creditors Arrangement Act in Canada this week.
London—Dominion Diamond Mines announced Thursday it has filed for and was granted insolvency protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada.
The CCAA is a federal act that allows financially troubled companies owing more than $5 million to creditors 30 days of protection to financially restructure while avoiding bankruptcy and allowing the creditors to receive some money.
Based in Calgary, Dominion owns the Ekati Diamond Mine and is the 40 percent JV partner in the Diavik Diamond Mine operated by Rio Tinto. Both mines are located in Canada’s Northwest Territories, less than 200 miles south of the Arctic Circle.
In a statement released Thursday, the company said the COVID-19 pandemic was the primary driver behind its filing.
It closed the Ekati mine fairly early on in response to the pandemic, shuttering operations there March 19, citing the disease’s rapid spread, the mine’s remote location and the high frequency of air travel required by staff.
Diavik, which is less than 20 miles from Ekati, is still fully operational, Rio Tinto confirmed.
“Although the company has strong diamond inventory, sorting houses and diamond markets are closed,” Dominion said. “These are key channels to facilitate the sale of the company’s inventory, so currently there is no ability to generate sufficient revenue to support Dominion’s ongoing financial obligations.”
The Washington Companies, which bought Dominion in 2017, offered to provide debtor-in-possession financing to provide it liquidity through the CCAA process in exchange for Dominion agreeing to a memorandum of understanding (MOU) regarding its possible sale to a Washington Companies affiliate as a stalking-horse bidder. Dominion would also be required to solicit other bids to either buy or invest in the company.
Dominion said whether or not it accepts The Washington Companies’ offer, it expects to obtain new financing, emerge from CCAA and reopen.
“As the spread of COVID-19 subsides and diamond markets reopen, Dominion plans to resume mining operations at the Ekati Diamond Mine and safely recall its furloughed workers,” it said. “Dominion continues to believe in the long-term viability of its assets and expects to emerge stronger and better able to deliver value to all stakeholders.”
Rio Tinto declined to comment directly on Dominion’s filing or its options when it comes to the Diavik mine, stating only: “Rio Tinto notes that Dominion Diamond Mines has filed for insolvency protection. Our focus remains on safely continuing our operations amidst the global COVID-19 pandemic.” 
Three rough diamonds mined at Diavik and dubbed “Stars of the Arctic,” the 178-carat “Vega” (left), the 25-carat “Capella,” and the “Altair” at 59 carats. Dominion Diamond Mines holds a 40 percent stake in Diavik.
The news about Dominion Diamond broke the same day De Beers’ parent company Anglo American released production results for the first quarter 2020 and its forecast for the year ahead.
Anglo cut production guidance for De Beers’ diamond mines from 32-34 million carats to 25-27 million carats, noting the drop-off in wholesale diamond trading and consumer traffic in key markets due to COVID-19.
These figures are subject to “continuous review based on the disruptions related to COVID-19 as well as the timing and scale of the recovery in trading conditions,” Anglo said.
In the first quarter 2020, coronavirus had limited impact on De Beers’ production, as shutdown and social distancing measures in producer countries didn’t take effect until the end of the quarter.
As of Friday, all De Beers’ mining operations that had been shuttered were ramping up to reopen.
Spokesman David Johnson said the company’s mines in Botswana and land operations in Namibia are returning to production at lower volumes, and the Venetia mine in South Africa is ramping up to 50 percent workforce.
Off-shore diamond mining in Namibia is operating at lower volumes, and the Gahcho Kué mine in Canada continues to operate but at lower volumes.
Rough diamond production in Q1 totaled 7.9 million carats, down 1 percent from 7.8 million carats a year ago.
Production was down in Botswana by 5 percent to 5.6 million carats, mainly because of work being done at the Orapa mine, and it dropped 19 percent year-over-year to 800,000 carats in Canada, which still had the Victor mine in the first quarter of last year.
In Namibia, diamond production was up 6 percent to 500,000 million carats and in South Africa, production increased 97 percent to 800,000 carats as De Beers mined the final ore from the open-pit Venetia mine—its only remaining mine in the country—before it is transitioned into an underground operation.
De Beers is spending $2 billion to take Venetia underground and expand its life into the 2040s.
Rough diamond sales in the first two rounds of sightholder and auction sales in 2020 were up 19 percent year-over-year, from 7.5 million carats to 8.9 million due to a weak Q1 in 2019.
But De Beers called off the third sight of 2020 as demand plummeted with the spread of COVID-19.
It allowed customers to defer all sight three allocations to later in the year.
Editor’s note: Information in this story about the ownership of the Diavik Diamond Mine was corrected post-publication. The mine is operated by Rio Tinto, not Dominion as previously stated.
The news about Dominion Diamond broke the same day De Beers’ parent company Anglo American released production results for the first quarter 2020 and its forecast for the year ahead.
Anglo cut production guidance for De Beers’ diamond mines from 32-34 million carats to 25-27 million carats, noting the drop-off in wholesale diamond trading and consumer traffic in key markets due to COVID-19.
These figures are subject to “continuous review based on the disruptions related to COVID-19 as well as the timing and scale of the recovery in trading conditions,” Anglo said.
In the first quarter 2020, coronavirus had limited impact on De Beers’ production, as shutdown and social distancing measures in producer countries didn’t take effect until the end of the quarter.
As of Friday, all De Beers’ mining operations that had been shuttered were ramping up to reopen.
Spokesman David Johnson said the company’s mines in Botswana and land operations in Namibia are returning to production at lower volumes, and the Venetia mine in South Africa is ramping up to 50 percent workforce.
Off-shore diamond mining in Namibia is operating at lower volumes, and the Gahcho Kué mine in Canada continues to operate but at lower volumes.
Rough diamond production in Q1 totaled 7.9 million carats, down 1 percent from 7.8 million carats a year ago.
Production was down in Botswana by 5 percent to 5.6 million carats, mainly because of work being done at the Orapa mine, and it dropped 19 percent year-over-year to 800,000 carats in Canada, which still had the Victor mine in the first quarter of last year.
In Namibia, diamond production was up 6 percent to 500,000 million carats and in South Africa, production increased 97 percent to 800,000 carats as De Beers mined the final ore from the open-pit Venetia mine—its only remaining mine in the country—before it is transitioned into an underground operation.
De Beers is spending $2 billion to take Venetia underground and expand its life into the 2040s.
Rough diamond sales in the first two rounds of sightholder and auction sales in 2020 were up 19 percent year-over-year, from 7.5 million carats to 8.9 million due to a weak Q1 in 2019.
But De Beers called off the third sight of 2020 as demand plummeted with the spread of COVID-19.
It allowed customers to defer all sight three allocations to later in the year.
Editor’s note: Information in this story about the ownership of the Diavik Diamond Mine was corrected post-publication. The mine is operated by Rio Tinto, not Dominion as previously stated.
More on Sourcing
The Latest
AuctionsMar 20, 2026
Sotheby's, De Beers Unveil ‘Jwaneng 28.88’ DiamondThe flawless, Type IIa stone is estimated to achieve up to $2.8 million at the auction house’s high jewelry sale in April.
TrendsMar 20, 2026
‘Frankenstein’ Costume Designer Is Bejeweled In Brooches for Oscars WinCostume designer Kate Hawley wore three archival Tiffany & Co. brooches, our Pieces of the Week, while accepting her first Oscar.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
FinancialsMar 19, 2026
Signet Jewelers to Close 100 Stores, Shutter James Allen BannerThe jewelry retailer announced changes to its store network and brand portfolio during its fourth-quarter earnings call.
Weekly QuizMar 19, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysMar 19, 2026
NRF Forecasts 4% Retail Sales Growth in 2026From a weaker labor market to inflation, NRF Chief Economist Mark Mathews gave insight on what retailers can expect this year.
AuctionsMar 19, 2026
26-Carat Diamond Tops $1M at AuctionThe historic stone, which sold at Elmwood’s in London, is the largest white diamond to be offered on the U.K. market in more than a decade.
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 19, 2026
JCK Rocks To Ride With NellyThree-time Grammy award-winning artist Nelly is set to perform at the annual event at Tao Beach in Las Vegas on May 31.
AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
MajorsMar 18, 2026
Stuller Releases New Edition of Jewelry Education Book“The Basics of Jewelry” has been updated to include modern topics and visuals.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
MajorsMar 17, 2026
Kering Establishes Jewelry Division, Appoints CEOThe organizational change follows Kering’s promise of a transformation after declining sales in 2025.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
