Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
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.
Editors' Picks
Sponsored by
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
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
MajorsMar 31, 2025
Lashbrook Expands Into Luxury Golf Gifts With AcquisitionThe Utah-based company known for making wedding bands has acquired Doubloon Golf.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
WatchesMar 24, 2025
Sotheby's Now Offers Watch Repair ServicesThe auction house's partnership with online watch servicing platform WatchCheck makes repairs convenient and accessible, it said.
FinancialsMar 21, 2025
Swarovski Says Its Lab-Grown Diamond Sales Doubled in 2024The company also noted record sales in the United States and a strong performance in its jewelry category.
SourcingMar 21, 2025
BrankoGems To Hold Conference in MontanaThe event, set for June 13-15, will feature educational presentations and guided visits to the state’s sapphire mines.
TrendsMar 21, 2025
Piece of the Week: Marrow Fine’s ‘Til Death’ RingAfter the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.
IndependentsMar 20, 2025
Korman Fine Jewelry’s New Store Is Double the Size The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.
Events & AwardsMar 20, 2025
JCK Rocks to Feature Snoop Dogg, Jason DeruloThe rapper and singer-songwriter will perform at Tao Beach on June 8.
TechnologyMar 20, 2025
Chris Ploof, Severine Ferrari Launch YouTube Video Series“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.
