Dominion Diamond Corp. moving head office from Yellowknife to Calgary

CALGARY – Dominion Diamond Corp. says it’s moving its head office from Yellowknife to Calgary as part of broader cost-cutting efforts.

The company, part owner of the Ekati and Diavik diamond mines in the Northwest Territories, said Monday the move would save an estimated $19 million a year.

Dominion (TSX:DDC) said about 100 employees in the Northwest Territories would be impacted by the move, but did not clarify if it would result in job losses.

De Beers Canada made a similar move earlier this year, opening its new head office in Calgary in July after a move from Toronto.

The diamond industry as a whole has been looking to cut costs after diamond prices dropped significantly last year and the market continues to show softness.

Dominion said it remains committed to Northern communities and to the US$647 million Jay expansion project at its Ekati mine that it approved in July.