Third Canadian Mine Opens

A third diamond mine has opened in Canada—the $120 million Jericho, based in Nanuvet. The mine is considered relatively small— it’s expected to produce 500,000 carats a year, for an estimated annual production worth $50 million. (By contrast, nearby Diavik produced 8.7 million carats last year.) It has an estimated life of 8½ to 9 years, says Peter Gillin, chairman of Tahera Diamond Corp., which owns Jericho. Still, it’s important enough that its opening in Nanuvet attracted Canadian Prime Minister Stephen Harper and 140 other dignitaries. Tiffany & Co. will market all of Jericho’s diamonds. The noted retailer has the option to either purchase the stones outright or sell them on the international market. Gillin said the mine decided to hand marketing over to Tiffany to save on the costs of doing it itself. “For a comparatively small producer, being able to turn t

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