The final hammer price blew the pre-sale estimate out of the water.
De Beers’ New Mine Moves into Production Phase
The diamond mine is called Gahcho Kué, and it’s located in Canada’s Northwest Territories.
Toronto--Gahcho Kué, the largest new diamond mine under construction anywhere in the world, has moved into the production phase and is expected to be fully operational early next year, De Beers said.
Pronounced Ga-cho Kway, the open-pit mine is located in Canada’s Northwest Territories, about 280 km (174 miles) northeast of the capital, Yellowknife. It is owned by De Beers (51 percent) and Mountain Province Diamond (49 percent), a Toronto-based mining company.
De Beers announced last week that the new mine’s process plant has been commissioned and ore from the mine now is being fed into it, signaling the formal ramp-up of diamond production.
Gahcho Kué is expected to produce an average of 4.5 million carats per year over the course of its life, which is expected to be 13 years.
The Canadian government approved development of the diamond mine in 2013.
To date, more than 20 million tons of waste has been pre-stripped at the site in order to expose the ore.
The first ore was exposed in March and introduced into the processing facility in June, with the first commissioning carats recovered on June 30.
De Beers Canada also has the Victor Mine in northern Ontario and Snap Lake in the Northwest Territories, though it has halted production of the latter and will flood it this fall, unless another diamond mining company steps forward to buy it.
Canada is the third largest diamond-producing country in the world by value.
Editor’s note: This story was updated post-publication to reflect the fact that the life of the Gahcho Kué mine is now expected to be 13 years, up slightly from 11.
The winners, picked by a group of judges and voted as the public’s favorite, will be announced in a webinar on Oct. 11.
Learn how to better serve your employees, customers and community by having a dynamic and supportive company culture.
The engravable piece is a perfect family heirloom.
Sponsored by Synchrony
While ethical mining is essential to a diamond business, they represent only a fraction of the responsibility bestowed on jewelers.
According to Christie’s, the auction is its most important single-owner watch collection ever.
The topics up for discussion with lawmakers included inflation, rising interest rates, hiring challenges, and crime.
The pear-shaped fancy vivid pink diamond will lead the Christie’s Geneva Magnificent Jewels auction on Nov. 8.
There are three designs to choose from this year, all featuring animals drawn by kids who have had wishes granted through Make-A-Wish.
Fine jewelry comprised three of the auction’s top 10 lots, though it could not top her director’s chair or scripts from “The Golden Girls.”
A total of four suspects are now in custody with police still on the lookout for the remaining two.
From a “whodunnit” murder mystery to a permanent jewelry party, Duvall O’Steen and Jen Cullen Williams share a wealth of suggestions.
“Mountings 2023-2024” and “Diamonds & Gemstones 2023-2024” offer a vast selection of options to create custom pieces.
It follows Creative Director Lucia Silvestri as she crafts the brand’s high jewelry collections.
The competition takes place in tandem with TJA’s annual convention, known as the Texas Jewelers Roundup.
The limited-run collection features figures from Haring’s iconic street art on charms, bracelets, rings, and more.