Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
SourcingDec 09, 2020
Dominion Finds Buyer for Ekati, Mine to Reopen Early 2021
The company has reached a deal to sell the diamond mine to two wealth management firms and says it plans to restart the mine no later than Jan. 29.
The Ekati Diamond Mine, seen here in an aerial shot provided by Dominion Diamond, should soon have a new owner and restart operations. Ekati was Canada’s first diamond mine and has been in operation since 1998.
London—Eight months after seeking insolvency protection, Dominion Diamond Mines ULC said it has reached a deal to sell its Ekati mine to two wealth management firms.
In a news release issued Monday, Dominion announced the sale of the diamond mine to DDJ Capital Management and Brigade Capital Management LP, both investment managers to holders of the company’s second lien notes.
Funds managed by DDJ Capital Management owned Samuels Jewelers for a period in the late ‘90s to the early 2000s, while Brigade was one of the firms that floated Barneys $218 million in debtor-in-possession financing while the now-defunct department store searched for a buyer.
The two companies will acquire substantially all of Dominion’s assets in exchange for taking on $70 million in debt.
The sale does not include Dominion’s 40 percent stake in Rio Tinto’s Diavik Diamond Mine; Dominion and Rio Tinto are involved in a separate legal battle regarding their partnership in Diavik.
Once the deal is closed, Dominion said it expects the ongoing business to pay or otherwise satisfy: Dominion’s employees, including their pension obligations; governmental authorities, including the obligations to restore the land once Ekati closes for good; and Dominion’s Impact Benefit Agreement partners and other Indigenous groups and Northern communities.
The sale of the Ekati Diamond Mine is subject to closing conditions, including court approval.
The deadline for the deal to close is Feb. 1, and Dominion said it will “take all action reasonably necessary or appropriate” to restart operations at the mine no later than Jan. 29.
While most Ekati employees have been out of work since March, there has been a skeleton crew working while the mine has been on care and maintenance, and Dominion recalled 60 workers last month in anticipation of reopening.
When fully operational, Ekati employs more than 1,000 people, including 396 members of Canada’s Union of Northern Workers (UNW) Local 3050.
On Tuesday, UNW President Todd Parsons said the union was “pleased and relieved” Dominion found a buyer for the mine and that the deal includes protection for the mine’s workers and their pensions.
“As the union representing almost 400 Ekati workers, our main objective throughout this difficult time was seeing the mine succeed and reopen, both for long-term stable employment for our members and economic growth for the territory,” he said.
“This is welcome news, especially as we go into the holiday season, and we look forward
to the remainder of our laid-off members returning to work in the new year.”
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
The diamond mine, which is located in Canada’s Northwest Territories about 120 miles south of the Arctic Circle, has been closed since mid-March.
Dominion was granted insolvency protection the following month, citing the disruption COVID-19 caused to the global diamond market.
An earlier deal to sell Ekati to affiliates of its current owner, The Washington Companies, fell through this fall over the objections of Dominion’s insurers.
More on Sourcing
The Latest
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
GradingJun 30, 2026
AGS Opens 2026 Recertification ExamAll active members who earned their credential or designation before Dec. 1, 2025, are required to recertify.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
National Rarities Announces New Gemology ManagerSean Milliner has joined the company.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
