Dominion Diamond Mines ULC (“Dominion”) announces the recovery of the largest known gem quality diamond ever found in North America.
The 552 carat yellow Canadamark™ diamond was unearthed in October at the Diavik Diamond Mine (“Diavik”), approximately 135 miles south of the Arctic Circle in Canada’s Northwest Territories.
The find far surpasses the previous record held by the Diavik Foxfire at 187.7 carats, which was also recovered at the same mine in 2015. Dominion owns 40% of Diavik.
“This incredible discovery showcases what is truly spectacular about Canadamark diamonds,” states Kyle Washington, Chairman of Dominion Diamond Mines. “The color and texture of the diamond are a unique example of the journey that natural diamonds take from their formation until we unearth them. Our Diavik Mine has produced some of the most beautiful diamonds in the world, and this one certainly tops the list.”
The astonishing gemstone was uncovered while passing through the initial screening process at Diavik’s recovery plant. Abrasion markings on the stone’s surface attest to the difficult journey it underwent during recovery, and the fact that it remains intact is remarkable. Measuring 33.74mm x 54.56mm and weighing exactly 552.74 carats, a diamond of this size is completely unexpected for this part of the world and marks a true milestone for diamond mining in North America and Canadamark diamonds overall.
Its color, texture and structure are also unique from a geological perspective and may be studied further. The diamond will not be sold in its rough form. Due to the significance of the discovery, Dominion will select a partner in the coming weeks who will cut and polish the stone. The size and highly technical nature of this stone means that only a handful of master cutters in the world are qualified to polish it, ensuring that the stone’s beauty, color and brilliance are maximized. Dominion expects to achieve a significant main stone once the diamond is polished, that will be Canadamark certified. As the diamond is still undergoing evaluation,
it is too early to determine the ultimate value of the diamond. However, when polished, the Diavik Foxfire yielded a 37.87 brilliant-cut pear shape and a 36.80 brilliant-cut pear shape that were both recently auctioned as part of Christies Magnificent Jewels and were purchased for $1.3 million.