Dominion Diamond Corporation is a diamond mining company that’s based in Canada. The company goes by several names, such as Dominion Diamond Mines, Aber, and Harry Winston. DDC is Canada’s largest independent diamond mining producer. The firm is associated with the Diavik Diamond Mine Project, where it enjoys a 40% stake. Diavik Diamond Mines Inc holds the remaining stake.
Besides the Diavik Diamond Mine, Dominion Diamond Corporation has interests in the Ekati Diamond Mine. The two mines are located in the Canadian Northwest Territories, some 124 miles south of the Arctic Circle. Though Dominion primarily exploits diamonds in Canada, it operates in various other countries around the world. Besides its corporate office in Calgary, Canada, the company sorts and trades diamonds in Yellowknife, Canada, and Mumbai, India. It also boasts a marketing office in Antwerp, Belgium.
Dominion Diamond Corporation was established in 1994. That coincided with the year the Diavik Diamond Mine was discovered. Then, the company was known as Aber Diamond Corporation. Dominion would later change its name to Harry Winston Diamond Corporation, then to Dominion Diamond Corporation, and finally, Dominion Diamond Mines, as we presently know it.
For the first nine years or so, Aber struggled to penetrate the diamond market. During this time, the market was mostly dominated by De Beers. It was not until January 2003 that Aber produced its first rough diamonds in the Diavik mine. In March the same year, the company made its first sale of rough diamonds. That significant milestone designated the company as a critical player in the global diamond industry.
In 2004, the company acquired a 51% stake in Harry Winston Inc. Two years later, Aber claimed complete ownership of Harry Winston Inc. In 2007, the company changed its name to Harry Winston Inc. It’s also in this year that the company first enlisted on Wall Street.
In 2012, Dominion declared its interest in the Ekati Diamond Mine. It was a capital-intensive decision that saw the firm divest Harry Winston Inc. When the corporation finally acquired a controlling stake in the mine, it dropped its name and adopted Dominion Diamond Corporation. The company’s streak of changing names would end in 2017 when it became a subsidiary of the Washington Companies.
Over the years, Dominion’s fortunes have grown tremendously. The company has partnered with renowned diamond merchants to enhance its brand. One such partnership is a deal that was signed in June 2017, with James Allen. According to the agreement, James Allen would become the preeminent online retailer of CanadaMark diamonds.
Diamond Mines Controlled by Dominion
1. Ekati Diamond Mine
The Ekati Diamond Mine was the first surface and underground diamond mining site in Canada. Though the mine was discovered in 1981, serious explorations began in the mid-90s. The mine is located in the Canadian Lac de Gras region. Ekati is a Tlicho word for “fat lake.” During the initial years of diamond exploration on this site, much of the mining took place in six open fields. The pits include Beartooth, Koala, Koala North, Fox, Panda, and Misery. Only Panda, Koala, and Koala North witnessed some underground operations.
Mining operations have since ceased in most of these pits. Till recently, only Koala, Sable, Misery, and Pigeon were still active. And a massive chunk of the activities happened in open pits. However, more prospecting work is ongoing around these sites to determine their diamond potential.
2. Diavik Diamond Mine
Diavik may not as be as old as Ekati. However, it’s the largest diamond mine in Canada by carat production. The site witnessed the first production of diamonds in January 2003. Diavik has taken over major diamond mines across the world. That’s primarily because the site produces diamonds of exceptional clarity. Diavik diamonds are also sparkling white, another one of their distinguishing features.
Dominion Diamond Mines doesn’t operate the mine independently. Instead, it’s a joint venture with Rio Tinto. Rio Tinto takes care of the site operations while Dominion funds 40% of the operating costs. In return, it receives 40% of the net diamond output from the mine.
Dominion’s Corporate Social Responsibility
Dominion Diamond Mines believes in the principles of corporate social responsibility. Therefore, it strives to ensure all its diamond mining and trading operations are above board. Throughout its activities, Dominion seeks to uphold sustainable environmental practices. Besides, the company endeavors to bring about a significant socio-economic transformation. The firm commits to safeguard the health and welfare of its employees, as well as that of the communities with whom it interacts.
Indigenous communities are the greatest beneficiaries of this corporate-social responsibility commitment. First, the company aspires to undertake its mining activities in a manner that doesn’t escalate environmental degradation. Besides, it seeks to impact the local communities economically. Dominion identifies some of the main challenges that the indigenous communities face. Then in liaison with their leaders, the company tries to devise long-term solutions. To that end, Dominion makes periodical reports on the economic and environmental status of the Northwest Territories. Some of these reports include the 2018 ESTMA Report, the 2016 ESTMA Report, and the 2017 ESTMA Report. You can always check their website for real-time news on matters jobs and careers.
Blood diamonds have always been a constant flesh in the thorn of diamond traders worldwide. It’s such concerns that heralded the establishment of the Kimberley Process Certification Scheme, as well as the System of Warranties. Diamond traders that subscribe to any of these councils undertake to only deal in conflict-free diamonds. As part of its commitment to producing ethical diamonds, Dominion provides a conflict-free guarantee on all its invoices. Buying diamonds from the company comes with the peace of mind, knowing you’re dealing with ethically-sourced stones. Not only that, Canada as a country subscribes to the KPCS. So, by all means, you’re assured diamonds from any of the mines controlled by Dominion are conflict-free.
Dominion Diamond Mines is also a member of the Diamond Producers Association. DPA is an association of leading diamond companies in the world. The main objective of this association is to keep blood diamonds out of the mainstream diamond market. Besides, the body continually comes up with the best practices in the mining, production, and sale of diamonds. DPA members also strive to understand the needs of their consumers. That’s all in a bid to offer them unique value and personalized experiences. Other notable members include De Beers, Lucara Diamond Corporation, Rio Tinto, ALROSA, Gem Diamonds Ltd, and Petra Diamonds Ltd. Lastly, Dominion is a member of the Responsible Jewellery Council. RJC is another body charged with promoting ethical, social, and environmental practices in the diamond trade.
Quality Assurance to a Whole New Level
Besides its membership in reputable diamond councils, Dominion Diamond Mines is a key player in the implementation of the Canadamark™ initiative. Canadamark™ is an initiative that ensures diamonds produced in Canada retain their high ethical integrity. It’s one of the programs by Dominion to instill confidence in diamond consumers.
When you buy Canadamark™, you receive a natural, untreated diamond that is also, responsibly-mined. Above all, the diamond meets all the quality standards, regardless of where you buy it.
Dominion Diamond Mines may have gone through numerous name changes. However, the company has continually upheld its core business principles – environmental stewardship and socio-economic empowerment. Every diamond from Dominion comes with an assurance of quality and high craftsmanship. Click here to contact the company for any queries or clarifications.