Supplier Spotlight Sponsored by GIA
Dominion Diamond Exploring Potential Sale
The company’s board of directors has set up a committee to review its “strategic alternatives.”
Yellowknife, Northwest Territories--Canadian diamond mining company Dominion Diamond Corp. said it is exploring the possibility of a sale.
In a company statement, Dominion said its board of directors has formed a special committee to “explore, review, and evaluate a range of potential strategic alternatives focused on maximizing shareholder value.”
Working together with the company’s management team and advisors, it will consider alternatives for Dominion that could include the sale of the company or “other strategic transactions.”
The members of the committee are Trudy Curran, Jim Gowans, David Smith and Josef Vejvoda.
Dominion said the board has not set a timetable for this process or made any decisions yet in terms of the “strategic alternatives,” noting that there’s no assurance of a sale or change in strategy.
TD Securities Inc. is acting as financial advisor to Dominion, Stikeman Elliott LLP is acting as legal advisor and Kingsdale Advisors is acting as strategic advisor. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to the committee and the board of directors.
The announcement from the company doesn’t come as a surprise, as there have already been some reports this year about offers being made and talks being had.
Last month, billionaire Dennis Washington’s company, Washington Corporations, publicly made a $1.1 billion offer to acquire the company, an expression of interest which was unsolicited, Dominion said in a statement.
Dominion’s board considered the expression of interest, including with the benefit of legal and financial advice, but noted in a press release that “WashCorps does not have experience in the highly specialized diamond mining and marketing industry. WashCorps also advised that they did not have any unique plans for the business.” It also said the company had undervalued Dominion in its offer.
And just last week, Reuters reported that Dominion and Canadian diamond miner Stornaway were in talks about a potential merger.
In Dominion’s company statement, Chairman James Gowans said, “While the board of directors remains confident in the company’s long-term strategic plan and the opportunity it provides to enhance value for all shareholders, we are open to exploring all strategic alternatives that are in the best interests of the company and its stakeholders. The Board is committed to maximizing shareholder value through a fair and open process and we look forward to engaging constructively with all parties.”
Last month, CEO Brendan Bell announced he would be stepping down on June 30
The Latest
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.
The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
The two organizations will host a joint event, “Converge,” in September 2025.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
The announcement came as the company reported a 23 percent drop in production in Q1.
The three-time Pro Bowler continues to partner with the retailer, donating to a Detroit nonprofit and giving watches to fans.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
The money will go toward supporting ongoing research and aftercare programs for childhood cancer survivors.