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.
A massive 11,000-carat rough ruby has been recovered in the famed gem-rich region of Mogok, Myanmar, according to recent state media reports.
Weighing in at 2.2 kg (4 lbs 14 oz), the newly discovered stone is roughly half the size of the legendary 21,450-carat rough gem found in the same region back in 1996. However, experts and state officials report that this new find boasts vastly superior color, luster, and transparency.
Mogok rubies, sourced from the “Valley of Rubies” in Myanmar (Burma), are legendary for their unrivaled vivid color and supreme clarity. They are famous worldwide for their “pigeon blood” red hue, which is caused by trace elements and microscopic silk particles that scatter light and give the gem a glowing, velvety softness.
Key Details of the Discovery:
- Physical Properties: The giant gem exhibits a striking purplish-red color with yellowish undertones, excellent vitreous luster, and moderate transparency. It remains entirely in its natural, untreated state.
- Geopolitical Context: Myanmar supplies roughly 90% of the world’s rubies. However, the nation has been embroiled in a devastating civil war since a 2021 military coup—a conflict that has claimed approximately 90,000 lives and displaced over 3.5 million people.
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