ColumnistsAug 19, 2025
Peter Smith: The Arrival Fallacy and Jewelry RetailSmith shares wisdom he gleaned from a podcast he was listening to one morning while being walked by his dog, a Malshi named Sophie.
SourcingMar 25, 2021
Australia’s Ellendale Mine Sold to Burgundy Diamond
Famous for its yellow diamonds, the mine has changed hands once again.
An overhead shot of the Blina alluvial diamond project within the Ellendale Mine. The project is included as part of the deal to sell the mine to Burgundy Diamond.
West Perth, Australia—Gibb River Diamonds has sold its Ellendale mine in Australia to Burgundy Diamond Mines, shifting its attention to its gold prospects.
The Western Australia-based company has agreed to a deal of $5.1 million in cash and 16 million company shares.
Burgundy Diamond Mines will also pay a 1.5 percent gross revenue royalty on any diamonds found at the site.
The soon-to-be new owner noted it looks forward “to operating in close concert with the local traditional owners, respecting the heritage and fragile environment of this important region of the country.”
Fellow Australian miner Rio Tinto was in the hot seat last year after the destruction of a sacred indigenous site, leading its CEO to step down. It was later called out by Australian Aboriginal groups for its lack of communication as it tried to mend ties.
Burgundy Managing Director and CEO Peter Ravenscroft said this acquisition “ticks many of our strategic boxes.”
“It is in one of our focus jurisdictions of low-risk diamond countries, it provides us potential for early cash-flow to underpin our expansive growth strategy, and it focuses on the production of high-value colored stones in the same way as our Naujaat diamond project in Canada.”
The Ellendale mine, located in the West Kimberley region of Western Australia, is famous for its fancy yellow diamonds.
It’s estimated to have produced around half of the world’s fancy yellow diamond supply.
Former owner Kimberley Diamonds Ltd. inked a special marketing agreement with Tiffany and Co. for the yellow diamonds in 2009.
Kimberley Diamonds suspended operations of the mine in 2015, citing lower revenues from a decline in grades of recovered diamonds.
Gibb River then acquired the mine leases in December 2019.
The deal between the company and the mine’s prospective new owner has been broken up into three payments across two years.
If Burgundy does not hold up its end of the agreement, Gibb River will retain full ownership of the mine.
The nearby Blina alluvial diamond project, which includes mining and exploration leases, is also included in the deal.
Once the sale is complete, Gibb River Diamonds said it will have more time to focus on the exploration and development of its Edjudina Gold Project and the recently discovered Neta Lodes gold prospect.
The Western Australia-based company has agreed to a deal of $5.1 million in cash and 16 million company shares.
Burgundy Diamond Mines will also pay a 1.5 percent gross revenue royalty on any diamonds found at the site.
The soon-to-be new owner noted it looks forward “to operating in close concert with the local traditional owners, respecting the heritage and fragile environment of this important region of the country.”
Fellow Australian miner Rio Tinto was in the hot seat last year after the destruction of a sacred indigenous site, leading its CEO to step down. It was later called out by Australian Aboriginal groups for its lack of communication as it tried to mend ties.
Burgundy Managing Director and CEO Peter Ravenscroft said this acquisition “ticks many of our strategic boxes.”
“It is in one of our focus jurisdictions of low-risk diamond countries, it provides us potential for early cash-flow to underpin our expansive growth strategy, and it focuses on the production of high-value colored stones in the same way as our Naujaat diamond project in Canada.”
The Ellendale mine, located in the West Kimberley region of Western Australia, is famous for its fancy yellow diamonds.
It’s estimated to have produced around half of the world’s fancy yellow diamond supply.
Former owner Kimberley Diamonds Ltd. inked a special marketing agreement with Tiffany and Co. for the yellow diamonds in 2009.
Kimberley Diamonds suspended operations of the mine in 2015, citing lower revenues from a decline in grades of recovered diamonds.
Gibb River then acquired the mine leases in December 2019.
The deal between the company and the mine’s prospective new owner has been broken up into three payments across two years.
If Burgundy does not hold up its end of the agreement, Gibb River will retain full ownership of the mine.
The nearby Blina alluvial diamond project, which includes mining and exploration leases, is also included in the deal.
Once the sale is complete, Gibb River Diamonds said it will have more time to focus on the exploration and development of its Edjudina Gold Project and the recently discovered Neta Lodes gold prospect.
Editors' Picks
Sponsored by
More on Sourcing
The Latest
CrimeAug 19, 2025
Customs Seizes 7,300 Pairs of Fake ‘Alhambra’ EarringsThe counterfeit Van Cleef & Arpels jewels would have been worth more than $30 million if genuine.
MajorsAug 19, 2025
MJSA Apprenticeship Program Is Nationally RecognizedThe MJSA Mentor & Apprenticeship Program received the Registered Apprenticeship Program designation by the U.S. Department of Labor.
Brought to you by
Rallying Call for the Jewelry Industry on Tariffs and Other Key IssuesJewelers of America is leading the charge to protect the industry amidst rising economic threats.
WatchesAug 19, 2025
Casio America Names New Timepiece Division ManagerCasio executive and watch enthusiast Masaki Obu is the new general manager of its U.S. timepiece division.
Weekly QuizAug 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsAug 18, 2025
Verragio’s Michael Barabash, a ‘Kind Soul,’ Dies at 58Barabash, Verragio’s client relations representative, was a vital member of the team and is remembered as being warm and full of life.
CollectionsAug 18, 2025
John Hardy’s New ‘Dot’ Collection Is on PointOriginally introduced in 1992, the “Dot” collection is back with a capsule featuring five archival designs and three new creations.
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine JewelryAs a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.
Events & AwardsAug 18, 2025
IJO Announces 2025 Vendor of the YearAllison-Kaufman has received the honor for the fourth year in a row.
FinancialsAug 15, 2025
In Q2 Results, Pandora Talks Tariffs, Q4 Plans The company had a solid second quarter, with sales of non-charm jewelry outpacing sales of pieces in its core collections.
EditorsAug 15, 2025
Piece of the Week: Etho Maria’s Showgirl-Approved Ruby Drop Earrings Taylor Swift dons the vibrant pair in new promotional imagery for her upcoming album, “The Life of a Showgirl,” set to release in October.
WatchesAug 15, 2025
Audemars Piguet Acquires Majority Stake in ManufacturerIts investment in micromechanics expert Inhotec will preserve skills essential to the watchmaking industry as a whole, said the company.
MajorsAug 15, 2025
Rio Grande Names New Marketing DirectorNicolette Bianchi joins the wholesale provider with more than 15 years of cross-industry experience in marketing and product development.
CollectionsAug 14, 2025
In Midst of ‘Sardine Girl Summer,’ Pippa Small Looks to ‘Flounder Fall’Her new “Ocean” collection was inspired by Myanmar’s traditional articulated fish jewelry, with depictions of flounder, catfish, and more.
MajorsAug 14, 2025
Casio America Names New CEOLongtime Casio executive Yusuke Suzuki is the new president and CEO of Casio’s U.S. subsidiary.
TrendsAug 13, 2025
Cristiano Ronaldo Proposes With Gigantic Oval-Cut DiamondModel Georgina Rodríguez received a rock of an engagement ring, with her diamond estimated to be 35 carats, experts say.
SourcingAug 13, 2025
ICA Names 2025 Board of DirectorsThe board elected 9 new directors at its recent ICA Congress in Brazil.
TrendsAug 13, 2025
Colorado Jeweler, Whiskey Maker Collab on Ring GiveawayThree winners will receive a custom ring from Honest Hands Ring Co. inlaid with a piece of history from Denver-based distillery Stranahan’s.
SurveysAug 13, 2025
These Are The 25 Hottest Retailers, Says NRFJD Sports and Wawa were among the fastest-growing retail companies in the U.S. last year.
SourcingAug 13, 2025
Columbia Gem House Launches Winza Sapphires, RubiesThe new inventory, all untreated, features vibrant hues and unique bicolor combinations.
SourcingAug 12, 2025
Gemfields Sells Fabergé for $50MAcquired by a tech investor, the historic brand will continue to focus on jewelry, accessories, and timepieces.
Policies & IssuesAug 12, 2025
Higher Tariff on Chinese Imports Paused for 90 Days, Trump SaysPresident Donald Trump issued an executive order extending the pause on higher tariffs to November as negotiations with China continue.
CollectionsAug 12, 2025
Jacquie Aiche’s New Collection Harnesses the Energy of the ThunderbirdThe “Thunderbird Slab” collection features a thunderbird motif as a symbol of power, protection, and boundless possibility.
ColumnistsAug 12, 2025
Creative Connecting: How to Take a Better HeadshotColumnists Jen Cullen Williams and Duvall O’Steen share tips on how to elevate your professional image.
CrimeAug 11, 2025
Man Convicted of First-Degree Murder in Death of Colorado JewelerPeter Damian Arguello, a jeweler in the Denver suburb of Wheat Ridge, was found dead inside his store in November 2023.
IndependentsAug 11, 2025
Lisa Bridge to Depart Ben Bridge JewelerThe retailer, owned by Berkshire Hathaway, is becoming part of the Berkshire Hathaway Jewelry Group with Helzberg.
Events & AwardsAug 11, 2025
Bethenny Frankel to Give Keynote at CBG’s Experience ShowThe Continental Buying Group’s 2025 Tampa Experience Show is slated for Sept. 8-10.
