Two Canadian Diamond Companies In Receivership

by Deidre Woollard (RSS feed)
Nov 18th 2010 at 2:01AM

Canadian diamond and diamond jewelry wholesalers Polar Ice Diamonds and Polar Bear Diamonds, part of Arslanian Cutting Works, have entered receivership. The Ontario Superior Court of Justice lists a variety of creditors including several diamond companies. The court documents debts totaling over $40 million. The court-appointed receiver, RSM Richter, has stated that it's not clear if the assets of these two companies will be enough to fully repay the creditors.

Polar Bear Diamonds hail from the first diamond mine in the Northwest Territories of Canada, where they are also cut and polished in Yellowknife. The diamonds also have a tiny polar bear engraved on the girdle. Polar Ice Diamonds are also mined, cut and polished in Canada.

Gallery: Polar Bear Diamonds Ad Campaign