A rare 102-carat diamond found in Northern Ontario two years ago could be among the most expensive of its kind in an auction that starts online and is set to culminate in person in Hong Kong in early October.
Mined at DeBeers’ now-closed Victor Mine in 2018, the diamond, about the size of a small egg, was cut from a larger 271-carat rough diamond, and then cut and polished for more than a year.
Those in the industry say the stone has a lot of features going for it. The diamond is known as a Type II diamond, which are among the most chemically pure among naturally occurring diamonds. Only about one per cent of all diamonds end up being Type II, Toronto-based high-end jewelry designer Reena Ahluwalia says. It’s also rated D colour and considered flawless, a characterization that British auction house Sotheby’s says is bestowed on only 0.5 per cent of all mined diamonds.
Sotheby’s started the bidding for the stone online this week, and the process will finish off with an in-person auction in Hong Kong on Oct. 5. As a testament to its rarity, the auction is being held without a reserve price, which means there is no minimum bid, and no figure to theoretically limit what a buyer may think it is worth. Sotheby’s says it is the first time a diamond of this calibre has ever been sold without a reserve price.
Sotheby’s said it’s the second-largest oval diamond to ever come up for auction, only slightly smaller than the 118-carat diamond that sold for $30 million US in 2013.
‘Miracle of nature’
Currently, the record price for a diamond at auction was $83 million US for the so-called Pink Star diamond, a 59-carat jewel that sold in 2013. Other diamonds, including those in the British Crown Jewels, and the Hope Diamond in the Smithsonian museum, are likely worth more but never come up for sale.
WATCH | 102-carat diamond was cut and polished for more than a year:
Huge, flawless diamond unearthed in 2018 at the Victor Mine in Northern Ontario is set to fetch millions at auction. 0:28
Ahluwalia calls the stone in question a “miracle of nature” and one that is likely to fetch a large amount because of its unique characteristics.
“These larger diamonds are investment pieces,” she said. “And the rare quality of this one is hard to come by.”
As it has done to many industries, COVID-19 has changed the market for high-end jewelry, Ahluwalia says. In the early days of the pandemic, sales even at the high end slowed to a crawl simply because people weren’t out shopping for them, or for anything else.
But since the international community has gotten behind online selling, demand has come back in a big way. Many more large diamonds, with carats counted in double or triple digits, are slated to go up for auction in the coming months. That’s why some think the price tag for this Canadian diamond could set a record.
$30M or maybe more
Sotheby’s has estimated the ultimate sale price at between $12 million and $30 million US. But guessing the likely sale price is hard to do because the winning bidder may be motivated by the investment potential or by more emotional considerations, Ahluwalia says. She notes that another famous diamond, now known as the Moon of Josephine, was purchased for $64 million US at auction in 2015 by Chinese billionaire Joseph Lau.
Lau spent far more than was expected, Ahluwalia says, because he wanted it for his daughter, Josephine. Someone may feel the same way about this diamond.
Reena Ahluwalia designed the portion of Ontario’s legislative mace in order to include diamonds mined from the Victor Mine in Northern Ontario. (Submitted by Reena Ahluwalia)
“If it’s a personal purchase, maybe it gets mounted and will be enjoyed as a piece of jewelry,” she said. “But some investors are just looking for another opportunity.”
Ahluwalia has a personal connection to the mine where the stone was first discovered. Shortly after the mine opened in 2008, Ahluwalia was commissioned by the Ontario government to redesign the mace that opens and closes sessions at the provincial legislature, and to incorporate diamonds from the mine into the mace.
She says the diamond’s Canadian origin may help nudge up the price, since Canadian gems are considered to have higher standards for ethics and sustainability than those mined in some other countries. But ultimately, the diamond will sell for whatever it sells for on its own merits.
TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.
The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.
The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.
Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.
Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.
Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.
This report by The Canadian Press was first published Sept. 19, 2024.
Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.
Here’s a timeline of key events in the bread price-fixing case.
Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.
Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.
Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.
Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).
Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.
June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.
Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”
Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.
July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.
Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)
TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.
Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.
The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.
As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.
TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.
TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.
This report by The Canadian Press was first published Sept. 19, 2024.
