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
JCK PRO

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).

SUBSCRIBE TO CONTINUE

Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out