Billionaire investor Dermot Desmond's son Brett married pop star Andrea Corr last Friday and the diamonds reportedly sparkled brightly at the society wedding of the year. But these days Desmond is mulling how to finance his own diamond project.

Desmond owns close to 22% of the Canadian diamond firm Mountain Province. Independent.ie reports that the company has agreed to pay €31m to giant diamond miner De Beers in the restructuring of a joint-venture agreement over the €400m diamond mine project in northern Canada.

The deal will enable Mountain Province to avoid dilution of its 49% stake if the diamond mine goes into production. The company must also fund its own stake in the diamond mine. Mountain Province will market and seek financing for the Gahcho Kue diamond project independently from De Beers. The diamond mining company has just raised €3m in a private placement.

Desmond's diamond mine project will be one of the largest in the world when it is finally brought to production. However, weak diamond prices have caused the industry major troubles over the last two years.

The website reports that the Scottish mining magnate Harry Dobson is also involved in the diamond company. Dobson and De Beers locked horns last year, when the former accused the giant diamond miner of dragging its heels over progressing the mine last year.