Tiffany Writes Down Diamcor Loan as Market Weakness Prevails 

Tiffany & Co. has forgiven about 50% of a loan it gave Canadian diamond miner Diamcor, as lower demand for its rough impacted the company’s ability to repay. 

The Canadian mining company will pay Tiffany & Co. CAD 3.5 million ($2.4 million), reduced from the current balance of CAD 6.8 million ($4.7 million), Diamcor said last week. Payment is scheduled in two installments, with the first sum to be paid 90 days after the parties signed the agreement, and the remaining one a year later. 

Diamcor Mining last published a financial report in August 2023. At that time the company reported revenue growth of 37% to $6.3 million for the full fiscal year that ended March 31, while it had a net loss of $762,308. 

Diamcor operates the Krone-Endora at Venetia project in South Africa. The site is adjacent to De Beers’ Venetia mine. 

Image: Rough diamonds. (Diamcor Mining)