Market Overview

Dominion Diamond Mails Management Information Circular for Special Meeting of Shareholders

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Dominion Diamond Corporation (TSX:DDC, NYSE:DDC) (the "Company" or
"Dominion") today announced that it has mailed the management
information circular (the "Circular") and related materials for the
special meeting (the "Meeting") of the shareholders of the Company to
approve the plan of arrangement (the "Arrangement") pursuant to which
Northwest Acquisitions ULC, an entity affiliated with The Washington
Companies, has agreed to acquire all of the issued and outstanding
common shares of the Company for US$14.25 per share in cash, all as more
particularly described in the Circular.

The Meeting is scheduled for 10:00 a.m. (Calgary time) on September 19,
2017, at 444-7 Avenue SW, 2nd Floor, Conference Room A and B, Calgary,
Alberta. Shareholders of record as of the close of business on July 31,
2017, are entitled to receive notice of and vote at the Meeting.

The board of directors of the Company, based in part on the
recommendation of the special committee of the Company's board of
directors and after receiving advice from its legal and financial
advisors, has unanimously determined that the Arrangement is in the best
interests of the Company and recommended that shareholders of the
Company vote in favor of the Arrangement.

On August 15, 2017, the Ontario Superior Court of Justice (Commercial
List) granted an interim order providing for the calling and holding of
the Meeting and certain other matters related to the Meeting and the
Arrangement. A copy of the interim order is included in the Circular.
Additionally, on August 4, 2017, the Commissioner of Competition issued
an advance ruling certificate with respect to the Arrangement.

The Circular provides important information on the Arrangement and
related matters, including voting procedures and instructions regarding
proxies for registered shareholders unable to attend the Meeting in
person. Shareholders are urged to read the Circular and its appendices
carefully and in their entirety. The Circular is available online at www.sedar.com
and www.sec.gov/edgar.

Shareholders who have questions regarding the Arrangement or require
assistance with voting may contact the Company's strategic shareholder
advisor and proxy solicitation agent below:

Kingsdale Advisors
Toll free (in North America): 1-888-518-6805
International
collect (outside North America): 1-416-867-2272
Email: contactus@kingsdaleadvisors.com

About Dominion Diamond Corporation
Dominion
Diamond Corporation is a Canadian mining company and one of the world's
largest producers and suppliers of premium rough diamond assortments to
the global market. The Company operates the Ekati Diamond Mine, in which
it owns a controlling interest, and owns 40% of the Diavik Diamond Mine,
both of which are located in the low political risk environment of the
Northwest Territories in Canada. It also has world-class sorting and
selling operations in Canada, Belgium and India.

Forward-Looking Statements
Certain statements
included in this news release may be considered forward-looking. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements to be
materially different from those implied by such statements, and
therefore these statements should not be read as guarantees of future
performance or results. All forward-looking statements are based on the
Company's current beliefs as well as assumptions made by and information
currently available to the Company.

Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this news
release. Due to risks and uncertainties, including the risks and
uncertainties identified by the Company in its public securities filings
available at
www.sec.gov
and
www.sedar.com,
actual events may differ materially from current expectations. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.

For more information, please visit www.ddcorp.ca.

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