News Jewelry News

【Northwest Te】The End of Ekati

Jul 15, 2026

Editor’s Note

The Ekati diamond mine, once a cornerstone of the Northwest Territories’ economy, is set to close after owner Arctic Canadian Diamond Company failed to secure a buyer. Despite outreach to 140 potential investors, no bids emerged, leaving the territory’s government with no viable path forward.

Ekati Mine Closure

The Ekati mine is closing down. The Government of the Northwest Territories said in a court filing this week it sees no way forward for Arctic Canadian Diamond Company (ACDC), owner of the once-iconic Ekati mine. Arctic (a.k.a. Burgundy) filed for creditor protection in May. Despite the court-appointed monitor contacting “140 potentially interested parties” to buy the mine, none produced a bid, according to the monitor’s report. The NWT government concludes:

“The interim funding available to the Burgundy Respondents is fully exhausted. CEEFC (the DIP lender) has determined it will not fund the companies any further. This requires the urgent appointment of a receiver over the Burgundy Respondents to conduct an orderly wind down of Ekati Mine operations, and to oversee environmental remediation and reclamation activities.”

PricewaterhouseCoopers has been appointed to oversee the closing. Ekati was the first mine in Canada’s Northwest Territories and has been in operation since 1998. It was originally scheduled to close in 2031. The other major mine in Canada’s Northwest Territories, Diavik, shut earlier this year—leaving only De Beers-owned Gahcho Kué, which is scheduled to close in 2028. Said Jay Macdonald, minister of environment and climate change for Canada’s Northwest Territories:

“We understand this news will raise questions and concerns for workers, families, Indigenous governments, northern and Indigenous businesses, contractors, and communities across the territory. For nearly three decades, operations at Ekati have supported workers, families, Indigenous governments, northern and Indigenous businesses, contractors, and communities across the NWT. This is a difficult moment, and the GNWT’s focus is on stability, safety, environmental protection, and an orderly path forward.”

Louvre Museum Theft

Two of the men arrested for last year’s theft at the Louvre Museum have told police they were recruited by a “mysterious sponsor” two days before the robbery, according to French newspaper Le Monde. “He thought we could have taken more,” one of the suspects reportedly said. The men also say they don’t know the current whereabouts of the stolen jewels. And police still aren’t sure the suspects are telling the truth, said the report:

“Investigators, for their part, remain cautious about the very existence of a possible mastermind. No traces or digital exchanges have been discovered at this stage of the investigation, but nothing allows them to rule out the hypothesis either.”

Birks Group Financing

Birks Group, the 32-store Montreal-based retailer (and former owner of Mayors), has turned to Gordon Brothers for financing through an asset-backed lending package:

“[The] tailored capital solution will support [Birks’] growth strategy, providing enhanced liquidity and flexibility as the retailer builds on its strong market position and long-standing heritage. In addition to the financing package, Gordon Brothers will continue to provide strategic expertise, leveraging its deep retail and asset-focused capabilities as the brand’s needs evolve.”

The new Gordon Brothers five-year, $32.5 million senior secured term loan facility matures in 2031 and refinances “the company’s existing $26 million senior secured term loan credit facility, which has been repaid in full.”

Other Jewelry News

De Beers, Watches of Switzerland, Foundrae, Guzema, PNJ, Tiny Jewel Box, Barry Pava, Sherry Smith, Zoë Kravitz, “sustainable watchmaking,” and “today’s customer” are covered in today’s jewelry links. Company news includes Sherry Smith: What today’s consumers are telling us (National Jeweler) and Diamond smuggling probe’s fallout rocks PNJ, Vietnam’s top jeweler (Bloomberg; subscription).

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⏰ Published on: July 15, 2026