Diamond exploration company Burgundy Diamond Mines has closed the acquisition of a 100% stake in Canada-based Arctic Canadian Diamond Company (ACDC).

According to the agreement, which was announced in March 2023, Burgundy has acquired a 100% stake in ACDC and all common shares of Arctic Canadian Diamond Marketing (ACDM).

Employing 1,100 people, ACDC owns 100% of all businesses, assets and other interests comprising the producing Ekati mine in Northwest Territories, Canada.

ACDM manages the supply chain, sorting, preparation, marketing and sales of rough diamonds from the Ekati mine.

Burgundy Diamond CEO Kim Truter said: “Burgundy is well-positioned for growth, with significant value to be delivered to all stakeholders through our fully integrated end-to-end value chain, now including the global-scale Ekati asset.

“Burgundy investors have overwhelmingly supported and endorsed this acquisition, and they are showing great interest in producing sustainable and valuable natural diamonds via mines in Canada and bringing them to market through our innovative business model.”

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Earlier this year, Burgundy said the Ekati mine acquisition will complete its strategy to become ‘truly vertically integrated’ across the diamond value chain.

In a statement released earlier this year, Truter said: “The acquisition of Ekati is complementary to Burgundy’s vertically integrated business model where it can directly produce rough fancy-coloured diamonds at Ekati and then cut and polish them in our facilities in Perth to go into high-end jewellery designs.”