Indian diamond manufacturer Choron Group has acquired shareholdings in Burgundy Diamond Mines, the Australian company that recently bought the Ekati mine in Canada's Northwest Territories, as reported in JCKonline.
Choron made the purchase through a private family investment vehicle named Kama Capital. The investment helped finance Burgundy’s 100% acquisition of Arctic Canadian Diamond Company, the former owner of Ekati.
While Choron will manufacture some of Burgundy’s production, the mine will continue to sell to other companies, and through auctions and tenders.
The first mine in Canada’s Northwest Territories, Ekati was originally scheduled to close in 2025, though current plans call for it to remain open until 2029. Burgundy has suggested it could extend the mine’s life for another decade, as per the report.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished