Members of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
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.
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
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 Latest
The brand has opened its second U.S. location in the Fontainebleau resort and casino.
Associate Editor Lauren McLemore highlights pieces from the AGTA Spectrum & Cutting Edge Awards she’d be thrilled to unwrap on Christmas.
A Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
The retailer’s “On the Clock” campaign celebrates how time, precision, and purpose come together.
Associate Editor Natalie Francisco chose her 12 favorite Piece of the Week picks from the year gone by.
Lab clients have the option to request this addition on their emerald reports.
‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
Jamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
In the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
Co-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Along with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
The man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
The average price per carat hit a record high for the miner, which said it remains unaffected by the conflict in Mozambique.
The nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
The videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
Feldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
The luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
The nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
Gearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
The diamond cut grade is now available for marquise- and pear-shaped diamonds.
DDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
Estimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.