Author: Ruchi Singla

Birks Group Inc. announced its financial results for the 26-week period ended 28 September 2024, reporting net sales of $80.1 million, an 8.8% decrease compared to $87.8 million during the same period of Fiscal 2024. This $7.7 million reduction was primarily attributed to lower branded jewellery sales following the exit of a third-party jewellery brand from two stores. Comparable store sales decreased by 4.9% during the period. Excluding the impact of the third-party jewellery brand exit, comparable store sales increased by 7.5%, driven by strong performance in branded timepieces. Increased Losses Reflect Period Challenges The company reported a net loss…

Star Diamond Corporation, a Canadian diamond exploration and development company, has announced its financial results for the third quarter of 2024 alongside updates to its mineral resource estimates. Financial Performance For Q3 2024, Star Diamond reported a net loss of $1.4 million, up from a loss of $0.6 million in Q3 2023. This increase was primarily due to higher exploration and evaluation costs, as well as increased administrative expenditures. Year-to-date, the company recorded a loss of $3.9 million, nearly double the $1.8 million reported for the same period in 2023. The rise in expenses reflects the company’s expanded operations following…

The three diamond mines in Canada’s Northwest Territories – Diavik, Gahcho Kué, and Ekati – have come together to collaborate on a pendant, with proceeds from its auction supporting local families through the Adopt-A-Family program. Designed by Adamas Diamonds, the pendant reflects northern heritage and will be auctioned on 28 November 2024 at the MAX Awards during the Yellowknife Geoscience Forum. Symbolism in Design and Diamonds The pendant design, inspired by a caribou antler motif, is significant to the Indigenous and local communities of the Northwest Territories. Crafted from 18-karat white gold, the pendant features three diamonds, each sourced from…

Three suspects, including two minors, have been charged in connection with an armed robbery at a Mississauga jewellery store on September 8, 2024. The incident occurred at a jewellery store near Mavis Road and Britannia Road, where eight masked individuals wielded firearms and forced patrons and employees to the ground. They took jewellery and cash before fleeing in two stolen vehicles. No physical injuries were reported. Key Arrests in the Investigation Following an extensive investigation by the Peel Regional Police’s Central Robbery Bureau, three individuals were identified and arrested. The suspects include: At the time of arrest, the 15-year-old was…

Tracy and Beth Day Chief, founders of Buffalo Rock Mining and members of the Kainai Nation, have acquired ammolite jewellery specialist KORITE. With extensive experience in the ammonite fossil industry and a focus on sustainable practices, the Day Chiefs plan to bring forward these values in KORITE’s operations. Established in 2008 on the Blood Reserve in Alberta, Buffalo Rock Mining has now expanded its role in the global gemstone market, integrating ammolite’s unique appeal with Indigenous perspectives on environmental responsibility. New President Appointed to Drive Growth Following the acquisition, Buffalo Rock Mining appointed Amarjeet Grewal as KORITE’s new President. Grewal,…

Toronto-based Malleable Jewellers recently announced an improvement in its B Corp certification score for 2024, highlighting the company’s dedication to social and environmental standards. Known for its ethical sourcing and sustainability initiatives, Malleable updated score reflects an increase of 14.5 points, bringing it to a total of 101.2. Malleable Official Statement on Certification In their official announcement, Malleable Jewellers commented: “We are excited to announce that our B-Corp score for 2024 has increased to 101.2! Malleable first became B-Corp certified over 3 years ago, and our mission to improve has bumped our score up by 14.5 points in that time!…

The Canadian Jewellers Association (CJA) recently held its annual Industry Summit on 21 October at The St. Regis Toronto, an event aimed at fostering connections, education, and recognition within Canada’s jewellery sector.  The summit attracted significant attendance and featured various educational sessions, networking opportunities, and the presentation of the CJA Awards, sponsored by the De Beers Group. The event featured the donation of ‘Pristine,’ a Canadian diamond painting by artist and jewellery designer Reena Ahluwalia, valued at US$5,000. The artwork was offered as the main raffle prize, with proceeds benefiting the CJA’s initiatives. “Pristine” was awarded to Negin Tadayyon of…

In a cross-border case of diamond investment fraud, Canadian citizen James Gagliardini has been sentenced to 56 months in U.S. federal prison for orchestrating a $21 million scheme through his company, Paragon International Wealth Management Inc. From 2013 until its shutdown in 2018, Paragon misled around 200 investors, many elderly, into spending significant sums on pink diamonds that were promoted as high-value investments. Telemarketing tactics were used to gain trust, but many investors received neither promised returns nor diamonds. Paragon International: Inside the Diamond Investment Scheme Founded in Toronto, Paragon International promoted itself as a diamond investment firm focused on…

HRA Group, in collaboration with Dialog, has launched a comprehensive diamond recutting and repair service at its Toronto facility.  This service aims to provide efficient and cost-effective diamond recutting options for retailers in North America. New Service Offering HRA’s service offers a range of diamond recutting and repair options designed to reduce costs for retailers. It addresses inefficiencies and high costs in current recutting processes, providing jewellers with a more streamlined option. The service leverages HRA’s technical expertise, handling each step from secure shipping to the facilitation of GIA recertification, allowing retailers to focus on other aspects of their business.…

Rio Tinto has reported a substantial reduction in diamond output for the third quarter of 2024, primarily due to operational challenges at its Diavik mine in Canada. A subsidence event in July caused disruptions in underground ore deliveries, resulting in a marked decrease in production levels. Third Quarter and Year-to-Date Production Declines The Diavik mine, one of Rio Tinto’s key diamond production sites, saw a 28% drop in rough diamond production in Q3 2024, yielding 542,000 carats compared to the same period in 2023. The company’s year-to-date figures also reflect a significant decrease, with total output standing at 1.98 million…

Hartman Jewellers, in operation in Elmira since 1927, will close at the end of the year, just short of its 100th anniversary. Co-owners Lisa Mulligan and Stephen Meyer attributed the decision to concerns over safety and peace of mind following recent incidents, including a break-in that placed financial and emotional strain on the business. June Break-in and Arrests On June 18, Hartman Jewellers experienced a break-and-enter incident that resulted in approximately £4,000 in damages and stolen merchandise. The break-in involved two suspects targeting the store’s display cases. Mulligan described the experience, saying, “[The suspect] violently went through it. Took some…

Rio Tinto has announced the start of commercial production at its A21 underground mine, part of the Diavik Diamond Mine in the Northwest Territories.  This marks the beginning of a new phase of operations at the site, which will extend the mine’s life until at least early 2026. The transition to underground production at A21 follows a $40 million investment made in February 2023, with a second phase recently approved with an additional $17 million committed. Transition from Open Pit to Underground The A21 pipe, which was first commissioned in 2018 as an open-pit mine, is the final pipe developed…

Brosway Italia has entered the Canadian market through a partnership with Hudson’s Bayas part o its efforts to expand internationally.  The brand is known for its Italian fashion jewellery, which blends contemporary designs with a focus on craftsmanship. Its inclusion in Hudson’s Bay marks Brosway Italia’s first foray into Canada’s department store sector, allowing it to reach a broader audience. Expanding the Brand’s Retail Presence Brosway Italia continues to expand globally, with its entry into Hudson’s Bay marking another step in its growth within the fashion jewellery market. This partnership provides the company with a platform to introduce its collections…

Burgundy Diamond Mines has formally requested assistance from the Northwest Territories (NWT) Government in light of the ongoing challenges faced by the global diamond industry. In a letter to NWT Premier R.J. Simpson, the company outlined the financial and regulatory pressures that are affecting the long-term viability of the Ekati diamond mine, which Burgundy acquired in 2023. Declining Market Conditions and Rising Pressures Since its acquisition of Ekati, Burgundy has introduced cost-saving measures, increased operational efficiency, and adjusted sales strategies to improve the mine’s economic outlook. However, The company faces challenges from a 20% drop in diamond prices and a…

The Natural Diamond Council (NDC) has published its inaugural “Diamonds of Canada” report, highlighting the significant contributions of Canada’s diamond industry to the global market.  This is the first in a planned series of detailed studies focused on diamond-producing regions, as well as current trends and industry data. Canada’s Growing Presence in the Global Diamond Market According to the report, Canada has become the world’s third-largest diamond producer since the opening of its first mine in 1998. The country now supplies 14% of the world’s diamonds, with most of its production centred in the Northwest Territories (NWT). The report provides…

Authorities in Prince Edward Island are actively pursuing a suspect believed to be responsible for the theft of high-value jewellery, totalling $43,000, from Charm Diamond Centres in two separate incidents.  The thefts occurred in the cities of Charlottetown and Summerside, prompting a coordinated manhunt by local police forces. Details of the Thefts The first theft took place at the Royalty Crossing mall in Charlottetown. A man, under the pretext of viewing two rings valued at $18,000, allegedly made off with the jewellery while store staff were distracted. Surveillance footage captured the suspect fleeing in a black BMW 300-series, which was…

Birks Group Inc officially opened its new concept store at the Royalmount shopping centre. The 500-square-foot boutique on 5th September. Designed by the French firm Landmark Architecture, the store’s concept draws inspiration from Canada’s natural landscapes and heritage, blending tradition with modernity. Design Inspired by Canada’s Natural Beauty The design of the new Birks store aims to reflect the Canadian landscape through its use of refined aesthetics. Soft curves, warm tones, and advanced lighting are key elements in creating an atmosphere that represents themes of refinement, charm, and brilliance. Birks’ signature blue hues are featured throughout the space, referencing Canada’s…

Waterloo Regional Police have arrested two men in connection with a break-in at Hartman Jewellers, a jewellery store in Elmira, Ontario, which occurred in June. The suspects, aged 52 and 46, were apprehended earlier this week and have been charged with break and enter to commit theft. Incident Details: The Break-In and Theft The break-in took place on the morning of 18th June, between 3:30 a.m. and 4:00 a.m., at a store located near Arthur Street South and Church Street East. According to the police, the suspects initially visited the store around 3:30 a.m., and returned approximately 30 minutes later,…

Montreal’s upcoming Royalmount retail and lifestyle district has confirmed the addition of 14 globally recognised jewellery and watch brands, further solidifying its position as a luxury shopping destination. Rolex Leads the Way Rolex will open its largest Canadian boutique at Royalmount, operated by Raffi Jewellers, further expanding its presence in the country. This will be the largest Rolex location in Canada, positioning Montreal as a significant hub for luxury watches in North America. TimeVallée Enters Canada TimeVallée will open its first Canadian store in partnership with Maison Birks, offering brands such as Cartier, Panerai, Jaeger-LeCoultre, and Piaget. Maison Birks will…

Mountain Province Diamonds Inc. has announced an updated life of mine (LOM) plan and revised mineral resource and reserve estimate for its Gahcho Kué mine in Canada’s Northwest Territories.  The mine, a joint venture between De Beers Canada Inc. (51%) and Mountain Province (49%), is expected to yield a significantly higher diamond output due to engineering advancements that allow deeper ore extraction.  This update extends the mine’s operational lifespan and provides revised projections on production and revenue. Increased Production and Extended Mine Life The Gahcho Kué mine is now projected to produce 36.3 million carats annually, an increase from the…

Mejuri has announced the opening of a new store at Square One Shopping Centre in Mississauga, marking its continued expansion in Canada.  The brand, founded in 2015 by Noura Sakkijha, has made a significant impact in the jewellery market with its focus on affordable luxury and minimalist designs. Mejuri’s Growth in the Jewellery Market Mejuri, which began as an online-only retailer, has steadily grown its physical presence, with 29 stores now spread across Canada, the United States, and the United Kingdom. This latest addition in Mississauga reflects the brand’s ongoing strategy to bridge the gap between online and in-store experiences…

A robbery took place at the Peoples Jewellers store in Pickering Town Centre on Wednesday, with three suspects targeting the premises in broad daylight. The incident occurred at approximately 5:50 p.m. and was captured on video, later shared on social media. The suspects, all wearing masks and hoodies, were seen smashing display cases and stealing a range of jewellery, including gold and diamond pieces, before fleeing the scene Details of the Robbery According to Durham Regional Police, the suspects entered the jewellery store from within the mall and began smashing glass display cases using what appeared to be a hammer.…

Toronto Police are seeking an unidentified man suspected of stealing a watch worth $43,000 from a jewellery store in downtown Toronto. The incident occurred on July 24 at approximately 5:20 p.m. in the area of Bay and Bloor Streets. Details of the Theft According to Constable Ashley Visser, the suspect entered the store and requested to try on a watch. “A man walked into a jewellery store (and) he requested to try on a watch,” Visser stated in a release. The man then fled the premises without paying for the item. Suspect Description and Appeal for Information Investigators have identified…

Mountain Province Diamonds saw a decline in revenue for the second quarter of 2024, reporting sales of C$56.8 million, a 5% decrease from the same period last year. The drop was mainly due to a 39% decline in the average price per carat, which fell to C$102. Although sales volume increased by 55% to 557,361 carats, the lower prices outweighed these gains. Market Conditions and CEO’s Insights Mark Wall, CEO of Mountain Province Diamonds, highlighted the market challenges affecting the diamond industry. “The diamond market continues to be softer than anticipated,” Wall stated. “At a macro level, the return of…

Birks Group reported a 13.7% year-over-year sales growth for its fiscal year ending March 30. This increase brought net sales to CAD $185.3 million and gross profit to CAD $73.6 million. Despite these gains, the company recorded a net loss of CAD $4.6 million, which is an improvement over the previous year’s net loss of CAD $7.4 million. The increase in sales was driven by demand for watches and jewellery, alongside investments in customer experience and product development. Comparable Store Sales and Operating Income For the full fiscal year, Birks Group saw a 7.5% increase in comparable store sales and…

Toronto-listed Star Diamond Corporation has announced its intention to purchase the remaining 50% interest in the Buffalo Hills diamond project, located in Alberta, from TSX-V-listed Canterra Minerals. This acquisition will grant Star Diamond full ownership of the asset. Reassessment Reveals Valuable Diamond Types Early last year, Star Diamond revisited the Buffalo Hills project, which had previously undergone bulk sampling in 2010. CEO Ewan Mason stated that this reassessment unveiled promising findings, including the presence of Type IIa diamonds and fancy yellow diamonds with high modelled prices. He remarked, “It became clear to us that further work needed to be done,…

Winnipeg jewellers are being urged to alert their clients to a surge in gold scams that have recently plagued the city. Local jewellery appraisers and Winnipeg police report that these scams have resurfaced, with diverse victims falling prey to fraudulent schemes. Scam Details and Victim Profiles Gerry Gordon, owner of Gerry’s Jewellery Appraisals, has encountered multiple scam victims with consistent stories in recent months. These incidents typically occur near bank machines, where scammers share convincing tales of financial distress and persuade victims to exchange cash for what appears to be genuine gold jewellery, which is later revealed to be counterfeit.…

Toronto police are seeking three suspects in connection with an armed robbery at a jewellery store at the intersection of Yonge Street and Dundas Street East. The robbery, involving the discharge of a firearm, occurred on December 13, 2023. Incident Details The robbery was carried out by a group of eight men travelling in two stolen vehicles. Seven suspects entered the jewellery store wearing masks. One suspect fired a handgun at a glass door, while others used hammers to smash display cases. During the robbery, one of the suspects assaulted a victim with a handgun. The suspects fled the scene…

The Gahcho Kué diamond mine has now surpassed C$2 billion in procurement spending with businesses in the Northwest Territories (NWT) since its construction commenced in 2015. This milestone represents 61% of the total C$3.2 billion spent on procurement for the mine, highlighting the project’s commitment to local economic development and Indigenous engagement. Economic Contributions Diamond mining remains the largest contributor to the NWT’s Gross Domestic Product (GDP), with Gahcho Kué playing a pivotal role. According to the NWT Bureau of Statistics, diamond mining accounted for C$588 million of the territory’s C$4.25 billion GDP in 2023. The mine’s spending with NWT…

Luxury jewellery brand Bulgari, part of the LVMH Group, has unveiled its Canadian flagship store on Bloor Street West in Toronto.  Located at The Colonnade, this store is the sole location in Canada offering Bulgari’s high jewellery collection, along with a variety of exclusive products and unique design elements. Store Design and Unique Features Spanning over 3,000 square feet, the Bloor Street store boasts a distinctive curving glass facade inspired by Bulgari’s iconic Tubogas, reflecting the brand’s signature craftsmanship. The facade also incorporates white marble elements echoing the entrance portals of Bulgari’s historic flagship in Rome. Inside, visitors are greeted…