The announcement coincided with its full-year results, with growth driven by its jewelry brands.
De Beers Officially Opens New Canadian Mine
Gahcho Kué is expected to produce approximately 54 million carats of rough diamonds over its 13-year lifetime.
Toronto--The De Beers Group announced that its new diamond mine, Gahcho Kué, has opened in Canada’s Northwest Territories.
The world’s largest new diamond mine in the last 13 years, according to De Beers, Gahcho Kué is a joint venture between the company (51 percent) and Mountain Province Diamonds (49 percent).
The fly-in/fly-out remote site is located about 280 km (174 miles) northeast of the Territories’ capital, Yellowknife.
De Beers said the site, comprised of three open pits, is on track to reach full commercial operation in the first quarter of 2017.
It’s expected to produce approximately 54 million carats of rough diamonds over its 13-year lifetime and will employ 530 people full time.
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 if no other diamond mining company steps forward to buy it.
Canada is the third largest diamond-producing country in the world by value.
“As millions of new consumers enter the middle classes in the coming years, consumer demand for diamond jewelry is set to see continued medium- to long-term growth,” CEO Bruce Cleaver said. “I’m therefore delighted with the official opening of Gahcho Kué, our largest ever mine outside of southern Africa, as it will help meet this increasing demand.”
The Latest
Looking ahead, the retailer said it sees “enormous potential” in Roberto Coin’s ability to boost its branded jewelry business.
Jewelry trade show veterans share strategies for engaging buyers, managing your time effectively, and packing the right shoes.
Despite the rising prices, consumers continue to seek out the precious metal.
This little guy’s name is Ricky and he just sold for more than $200,000 at Sotheby’s Geneva jewelry auction.
Though its website has been down for a week, Christie’s proceeded with its jewelry and watch auctions on May 13-14, bringing in nearly $80 million.
Despite the absence of “The Allnatt,” Sotheby’s Geneva jewelry auction totaled $34 million, with 90 percent of lots sold.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
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.
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.