International News
Tiffany Moves to Seize Diamcor Mining Assets After Loan Default
Tiffany & Co., owned by luxury group LVMH, has taken steps to seize the assets of Diamcor Mining after the Canadian miner defaulted on a loan agreement. On Friday, Tiffany issued a Section 244 notice under Canada’s Bankruptcy and Insolvency Act, signaling its intent to enforce its security rights over Diamcor’s personal property and its shares in subsidiary DMI Diamonds.
The action follows Diamcor’s failure to fully repay a CAD 6.8 million ($4.7 million) loan, of which Tiffany forgave nearly half in December due to sluggish diamond demand and market weakness. The remaining CAD 3.5 million ($2.4 million) was to be paid in two installments, but Diamcor has missed the deadlines.
Tiffany and Diamcor previously shared a close commercial relationship, with Tiffany holding exclusive rights to purchase all of Diamcor’s rough diamond output at market prices in exchange for financing to develop its Krone-Endora at Venetia project in South Africa. The collaboration deepened last year when former Tiffany executive D. Wayne Howard joined Diamcor’s board.
The 244 notice gives Diamcor 10 days to respond before Tiffany can proceed with asset seizure. However, Diamcor noted that discussions are ongoing in an effort to find a resolution and avoid enforcement.
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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