Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
De Beers to Begin Flooding Canadian Mine
Plans to flood Snap Lake mine, which ceased mining activity in 2015, have been approved.
Yellowknife, Northwest Territories--The Mackenzie Valley Land and Water Board has granted De Beers an interim approval on its Extended Care and Maintenance and Water Management plan for the Snap Lake mine in Canada’s Northwest Territories.
De Beers Canada disclosed on its website, “Approval requires the inclusion of commitments De Beers made during the Stakeholder review process.” De Beers has agreed to make the necessary updates to its plan to gain full approval.
A dyke of kimberlite runs underneath Snap Lake at an approximate 12-degree angle and is 2.5 meters in diameter. De Beers opened the Snap Lake mine in 2008--its first outside of Africa, and the only mine in Canada that is completely underground.
In 2014, nearly 1.2 million carats of diamonds were recovered from Snap Lake, according to De Beers Canada.
The Extended Care and Maintenance plan entails removal of the underground mine to flood the area.
Tom Ormsby, De Beers Canada’s head of external and corporate affairs, said, “We will commence the technical work required to eventually flood the underground workings of Snap Lake Mine later this year, which will be carried out in a controlled and responsible manner, minimizing the flow of water into the receiving environment and significantly reducing the operation’s total environmental impact.
He said the flooding of the underground workings also provides the company with the opportunity to hold the mine in a more sustainable environmental and economic fashion over a longer period of time, increasing the chance that it could be re-opened in future “should financial conditions, re-capitalization and implementation of operational efficiency improvements prove viable.”
Ormsby added, “This decision will enable the preservation of a significant diamond mineral resource in the ground, which is approximately 20-30 million carats.”
In December 2015, De Beers announced that it was ceasing Snap Lake mining operations while it evaluated market conditions.
Over 400 employees were terminated.
Kim Truter, Chief Executive of De Beers Canada, commented at the time, “The men and women at Snap Lake have put enormous effort into this challenging ore body over many years, but even the gains made this year are not enough to overcome the market conditions and put us in a profitable position. To see such a strong commitment to the mine makes [this] announcement that much more difficult.”
De Beers Canada maintains two other mining sites: the Victor Mine in northern Ontario and Gahcho Kué in the Northwest Territories, which is currently under construction.
“The
The Latest
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
Despite the rising prices, consumers continue to seek out the precious metal.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The branded jewelry market is thriving, said Richemont Chairman Johann Rupert.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
The Indian jeweler’s new store in Naperville, Illinois marks its 350th location, part of its ongoing global expansion plans.