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The Government of the Northwest Territories said in a court filing this week it sees no way forward for Arctic Canadian Diamond Company (ACDC), owner of the once-iconic Ekati mine. Arctic (a.k.a. Burgundy) filed for creditor protection in May.
Despite the court-appointed monitor contacting “140 potentially interested parties” to buy the mine, none produced a bid, according to the monitor’s report.
The NWT government concludes:
The interim funding available to the Burgundy Respondents is fully exhausted. CEEFC (the DIP lender) has determined it will not fund the companies any further. This requires the urgent appointment of a receiver over the Burgundy Respondents to conduct an orderly wind down of Ekati Mine operations, and to oversee environmental remediation and reclamation activities.
PricewaterhouseCoopers has been appointed to oversee the closing.
Ekati was the first mine in Canada’s Northwest Territories and has been in operation since 1998. It was originally scheduled to close in 2031.
The other major mine in Canada’s Northwest Territories, Diavik, shut earlier this year—leaving only De Beers-owned Gahcho Kué, which is scheduled to close in 2028.
Said Jay Macdonald, minister of environment and climate change for Canada’s Northwest Territories:
We understand this news will raise questions and concerns for workers, families, Indigenous governments, northern and Indigenous businesses, contractors, and communities across the territory.
For nearly three decades, operations at Ekati have supported workers, families, Indigenous governments, northern and Indigenous businesses, contractors, and communities across the NWT. This is a difficult moment, and the GNWT’s focus is on stability, safety, environmental protection, and an orderly path forward.
Louvre museum thieves hired by “mysterious sponsor”
Two of the men arrested for last year’s theft of historic jewelry pieces from the Louvre Museum have told police they were recruited by a “mysterious sponsor” two days before the robbery, according to French newspaper Le Monde:
“I knew I was going to rob the Louvre,” [suspect] Abdoulaye N. admitted for the first time, while [second suspect] Ghelamallah A. swore that the target had been presented to him as “a jewelry store where they make jewelry in Paris,” not the most visited museum in the world.
The supposed mastermind’s motives were “financial, and the goal was to resell the stolen jewels,” the suspects said. However, they’ve refused to disclose his identity for fear of endangering their families. And even though the thieves made out with eight pieces of priceless jewelry (though one was dropped), the purported recruiter wasn’t happy with the haul.
“He thought we could have taken more,” one of the suspects reportedly said.
The men also say they don’t know the current whereabouts of the stolen jewels. And police still aren’t sure the suspects are telling the truth, said the report:
Investigators, for their part, remain cautious about the very existence of a possible mastermind. No traces or digital exchanges have been discovered at this stage of the investigation, but nothing allows them to rule out the hypothesis either.
Gordon Brothers provides funding for Birks
Birks Group, the 32-store Montreal-based retailer (and former owner of Mayors), has turned to Gordon Brothers for financing through an asset-backed lending package:
[The] tailored capital solution will support [Birks’] growth strategy, providing enhanced liquidity and flexibility as the retailer builds on its strong market position and long-standing heritage. In addition to the financing package, Gordon Brothers will continue to provide strategic expertise, leveraging its deep retail and asset-focused capabilities as the brand’s needs evolve.
The new Gordon Brothers five-year, $32.5 million senior secured term loan facility matures in 2031 and refinances “the company’s existing $26 million senior secured term loan credit facility, which has been repaid in full.”
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Podcast drop: The Jewelry District with Gabrielle Saunders
For the latest edition of The Jewelry District, Victoria Gomelsky and I speak with Gabrielle Saunders, founder of the Ruveil jewelry brand, about how she mixes “wellness” with fine jewelry:
Worth a click
The Wall Street Journal (gift link) has the story of a Costco cashier who is now a millionaire after spending decades making $32 an hour and accumulating a substantial 401(k).
Says the story:
Research generally supports the idea that happy employees stay longer and lead to happier customers. In one 2023 study, consulting firm McKinsey looked at online reviews of over 100 retailers by both customers and employees. Retailers with the top 25% highest employee-satisfaction scores were more than twice as likely to fall in the top 25% of customer-satisfaction scores, the firm said.
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Today’s jewelry links cover De Beers, Watches of Switzerland, Foundrae, Guzema, PNJ, Tiny Jewel Box, Barry Pava, Sherry Smith, Zoë Kravitz, “sustainable watchmaking,” and “today’s customer”
Company news
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Sherry Smith: What today’s consumers are telling us (National Jeweler)
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Diamond smuggling probe’s fallout rocks PNJ, Vietnam’s top jeweler (Bloomberg; subscription)
Diamond news
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National Union of Mineworkers disapproves of De Beers’ South African job cuts (Mining Weekly)
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Watches of Switzerland offering lab-grown in U.K. as product is “resonating with consumers” (The Standard)
Gold news
- Gold is becoming the new “reserve asset” ([Kitco](http://Gold is becoming the reserve asset of the new multipolar world – Sprott’s Paul Wong))
People news
- Tiny Jewel Box names Barry Pava, formerly of Reeds, as executive VP (Centurion)
Retail news
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FoundRae opens first standalone store outside of U.S. (National Jeweler)
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Ukrainian brand Guzema Fine Jewelry opens New York store (WWD)
Watch news
- Can watchmaking ever become truly sustainable? (WatchPro)
Miscellaneous
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Zoë Kravitz’s giant bezel diamond engagement ring could be the next big bridal trend (Elle)
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How to take care of your jewelry amid heat, sweat, and other summer nemeses (Wirecutter)
Have a comment or news tip? (We love news tips!) Leave it below or email rob@thejewelrywire.com
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