Stornoway Diamonds (Canada) Inc announces that it is temporarily suspending operations at its Renard mine located in Nord-du-Québec, in the Cree territory of Eeyou Istchee, effective immediately.
The growing uncertainty of the diamond price in the short and medium term, coupled with the significant and sudden drop in the price of the resource on the world market, have had a major impact on the Company’s long-term financial situation. This was in part due to the halt in the import of rough diamonds to India and by the global geopolitical climate.
Stornoway is placing the Renard mine in a Care and Maintenance, phase to preserve the assets and facilitate a rapid return to normal operations. About 75 employees will be assigned to these tasks.
Stornoway has also begun the process of placing itself under the protection of the Companies’ Creditors Arrangement Act to enable it to restructure its business and turn around its financial situation. The appointment of Deloitte Restructuring Inc. is also being sought from the Court to act as Monitor and supervise the restructuring process.
The Company is implementing a process for soliciting investment and sale proposals under the Companies’ Creditors Arrangement Act.
Offical Facebook account of heerazhaveraat.com, homepage for Trade News, Articles and Promotion of D
Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Shaping India’s $100 Billion Gems & Jewellery Future
At the Chintan Shivir on the 2040 Roadmap, Commerce Secretary Shri Rajesh Agrawal outlined a vision to grow India’s gems & jewellery sector from ~$29B to $100B, driven by innovation, technology, design, global branding.
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
