RAPAPORT… Arctic Canadian Diamond Company (ACDC) has become a member of the Natural Diamond Council (NDC) in an effort to promote the growth of the mined-diamond industry.
ACDC, which owns the Ekati mine in Canada, comprises DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, the NDC said Tuesday. Those entities acquired Ekati from Dominion Diamond Mines in December in return for writing off its sizeable debts. Dominion was previously part of the NDC.
Kristal Kaye, chief financial officer of ACDC, will join the NDC’s board of directors.
“We look forward to partnering with the Natural Diamond Council and its six current members to protect and promote the integrity of the modern diamond-jewelry industry,” said Kaye. “When managed responsibly, natural diamonds have a meaningful impact on the communities where they are found, and we’re proud to share the story of our diamonds with consumers worldwide.”
The NDC plans to continue to engage new members to broaden its reach to a more global audience, it noted. In addition to ACDC, the NDC counts Alrosa, De Beers, Lucara Diamond Corp., Petra Diamonds, RZM Murowa and Rio Tinto as members.
Image: A 186-carat rough diamond from the Ekati mine. (Natural Diamond Council)
Ekati Mine Owners Join Natural Diamond Council
The Bottom Line
- ACDC, owner of the Ekati mine, joined the Natural Diamond Council to promote the mined-diamond industry.
- ACDC’s ownership group acquired Ekati from Dominion Diamond Mines by assuming its debts; Dominion was a former NDC member.
- Kristal Kaye, ACDC’s CFO, will join the NDC board as the council seeks to expand its global membership.
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