Dominion Diamond Mines

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Dominion Diamond Mines
Subsidiary
IndustryNonmetallic Mineral Mining
HeadquartersCalgary, Alberta[1], Canada
Key people
  • Patrick Evans (CEO)
[2]
ProductsDiamonds
RevenueDecrease$720.57 million USD (2016)[3]
Decrease$7.99 million USD (2016)[3]
Number of employees
72 (2008)[4]
ParentThe Washington Companies
Websitewww.ddmines.com

Dominion Diamond Mines (formerly known as Dominion Diamond Corporation, Harry Winston, and Aber) is a Canadian specialist diamond mining company.

The company holds a 40% stake in the Diavik Diamond Mine Project. Production at the Diavik Diamond Mine, Canada's second diamond mine, is operated by Dominion Diamond Mines' joint venture partner, Diavik Diamond Mines Inc., a subsidiary of Rio Tinto Group. The mine began producing diamonds in November 2002.[5]

In 2012 the company purchased all of BHP Billiton's diamond assets; the primary asset is the Ekati Diamond Mine, which is adjacent to the Diavik Mine.[6]

Diavik and Ekati combined are estimated to produce over 7 million carats of diamonds in 2014, worth an estimated $1.1 billion. Diavik and Ekati are currently ranked the 9th and 19th largest diamond mines in the world, respectively, according to total carat production.[7]

The company's participation in the retail segment of the diamond pipeline was by means of its ownership of Harry Winston, Inc., a chain of retail stores. On January 14, 2013 the company announced that it has entered into an agreement to sell its luxury brand diamond jewelry and timepiece division, Harry Winston Inc., to The Swatch Group Ltd. for US$750 million plus their assumption of up to US$250 million of pro forma net debt. The transaction included the brand and all the activities related to jewelry and watches, including the 535 employees worldwide and the production company in Geneva (Switzerland).[8]

Aside from its corporate office in Calgary, Dominion Diamond Mines also has a rough diamond sorting facility in Toronto and a marketing office in Antwerp, Belgium. Harry Winston sells Tiffany & Co. about 25% of the diamonds in Winston's share and sells the remainder on the Antwerp open diamond market through its rough diamond dealer subsidiary, Aber International.[9]

In March 2017, Dominion Diamond announced it had received an unsolicited and non-binding expression of interest from The Washington Companies to acquire the Company for US$1.1 billion. [10] In July 2017, Dominion announced that it would accept the deal, which closed in November.[11]

In June 2017, a deal was signed with online diamond retailer James Allen to make it the exclusive online retailer of CanadaMark diamonds.[12][13]

See also[edit]

References[edit]

  1. ^ "Contact Details". Dominion Diamond Corporation. Retrieved 23 October 2017.
  2. ^ "Dominion Diamond Corporation Announces Completion of Plan of Arrangement". Dominion Diamond Mines. Retrieved 3 November 2017.
  3. ^ a b "Dominion Diamond Corp. Income Statement". Google Finance. Retrieved February 22, 2017.
  4. ^ "Company Profile for Harry Winston Diamond Corp (HWD)". Retrieved 2008-10-08.
  5. ^ "Aber Investor Relations". Retrieved 2005-12-21.
  6. ^ Harry Winston to Purchase Ekati Diamond Mine For $700 Million, Forbes, 2012-11-13
  7. ^ Zimnisky, Paul (March 13, 2014). "The state of global rough diamond supply 2014". Mining.com.
  8. ^ http://www.swatchgroup.com/en/services/archive/2013/swatch_group_acquires_the_jewelry_and_watch_brand_harry_winston_inc
  9. ^ "Marketing". Aber Diamond Corporation. Archived from the original on 2006-09-25. Retrieved 2005-12-21.
  10. ^ "Dominion Diamond Receives US$1.1 Billion Unsolicited Bid from The Washington Companies", JuniorMiningNetwork.com, 20 March 2017. Retrieved 20 March 2017.
  11. ^ Paddon, David (2017-07-17). "Dominion Diamond agrees to $1.2 billion (U.S.) takeover by WashCorps". The Toronto Star. ISSN 0319-0781. Retrieved 2018-01-28.
  12. ^ Bates, Rob. "James Allen, CanadaMark, and the Growing Trend Towards Origin Tracking", JCK, 2 June 2017. Retrieved on 6 June 2017.
  13. ^ "James Allen Links Up with CanadaMark", Rapaport - Diamonds.net, 5 June 2017. Retrieved on 6 June 2017.

External links[edit]