ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
SourcingSep 28, 2020
Dominion Diamond Finds Buyer, Asks for Creditor Protection
The Washington Companies, affiliates of the company that currently owns Dominion, were the only bidders for the mining company.
The main camp at the Ekati Diamond Mine in Canada’s Northwest Territories is seen here in this file photo. A buyer has come forward for the mine’s troubled owner, Dominion Diamond Mines.
Calgary, Alberta—The company that operates the Ekati Diamond Mine has found a new-yet-familiar buyer and is asking for some more “breathing room” when it comes to repaying its debts.
After filing for insolvency protection in April, Dominion Diamond Mines ULC announced Sept. 16 it had struck a deal with Canadian Diamond Holdings LP and CA Canadian Diamond Mines UL, affiliates of current owner The Washington Companies.
The two subsidiaries have agreed to purchase it for $126 million, with $20 million made available to pre-filing trade suppliers.
Not included in the deal is Dominion’s share in the nearby Diavik Diamond Mine. Dominion is a 40 percent joint venture partner in Diavik, which Rio Tinto operates.
Both mines are located in Canada’s Northwest Territories, less than 200 miles from the Arctic Circle.
Canadian Diamond Holdings and CA Canadian Diamond Mines were the stalking-horse, and only, bidders for Dominion.
If completed, the deal will see the companies assume all of Dominion’s Ekati-related operating liabilities, including offering employment to most of the company’s employees.
The Ekati Diamond Mine has been on care and maintenance since mid-March, when Dominion said it was shutting it down due to COVID-19-related concerns, leaving hundreds out of work.
The mining company has not given an exact date on when production at Ekati will restart, though it has sold some diamonds through its Antwerp office, recent court filings show.
According to a report filed Sept. 23 by FTI Consulting Canada Inc., the monitor overseeing the company’s restructuring, Dominion netted $46 million from diamond sales earlier this month and was expected to bank $8 million more last week.
“However, it is uncertain how sustainable the gradual reopening will be,” FTI noted in the filing, adding that Dominion may consider selling more diamonds “should the economics be considered favorable.”
The company will use the net revenue from these diamond sales to pay back some of the money it has drawn under an interim financing facility.
Dominion’s sale to the two subsidiaries of The Washington Companies, which is subject to a number of conditions, is expected to close Nov. 7.
In the meantime, Dominion has asked for another extension of creditor protection, an injunction that prevents creditors from coming after the company for debts owed.
Originally set to expire May 2, the court extended the protection period to Sept. 28. Dominion is asking for a second extension to Nov. 7, the expected closing date of the sale.
Dominion Chief Financial Officer Kristal Kaye noted in a Sept. 18 affidavit that the extension would give the companies the “necessary breathing room … as they continue to work toward their restructuring objectives.”
More on Sourcing
The Latest
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
Policies & IssuesJan 13, 2025
Brandee Dallow Elected President of Ethical MetalsmithsThe executive brings more than two decades of industry experience to the role.
IndependentsJan 13, 2025
The Seven Pops Up in Palm BeachThe New York City-based retailer is bringing its curation of jewels to a pop-up shop at Love Binetti in Palm Beach, Florida.
Policies & IssuesJan 10, 2025
Jewelers Relief Fund Reopened to Aid Victims of LA Fires Created by JA and DCA, the fund is collecting money for jewelry businesses damaged by the wildfires in Los Angeles County.
TrendsJan 10, 2025
Piece of the Week: Elsa Jin’s ‘Mozi’ BroochAdrien Brody received his first Golden Globe while wearing the “Mozi” brooch, which depicts a spill of traditional Chinese calligraphy ink.
SourcingJan 10, 2025
De Beers, GJEPC Partner to Promote Natural DiamondsThe pair will work together to support independent retailers in India with marketing assets, training materials, and other tools.
