The 552 carat yellow diamond beats a previous record held by a diamond from the same mine 
 
 Dominion Diamond Mines ULC (“Dominion”), a world leading producer of responsibly mined diamonds, 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. 
 
 About Dominion Diamond Mines ULC 
 
 Dominion Diamond Mines ULC 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 owns a controlling interest in the Ekati Diamond Mine, which it operates, and owns 40% of the Diavik Diamond Mine. Both mines are located in the Northwest Territories of Canada, which has some of the most stringent environmental standards for diamond miners in the world. In addition to its mining operations, Dominion has offices in Canada, Belgium and India. 
 
 About Canadamark 
 
 Canadamark™ diamonds are mindfully sourced to celebrate life’s important milestones. Canadamark™ certified diamonds carry a hallmark that gives consumers confidence in the diamond’s Canadian origin and history. All Canadamark™ diamonds are responsibly mined, natural and untreated, and tracked through an independent, audited process at every stage of the diamond’s journey, from the mine of origin to the polished stone. The Canadamark™ brand is owned by Dominion Diamond Mines ULC. ||||| LISTEN TO ARTICLE 3:37 SHARE THIS ARTICLE Share Tweet Post Email 
 
 Source: Dominion Diamond Mines Source: Dominion Diamond Mines 
 
 The biggest diamond ever found in North America has been unearthed by Dominion Diamond Mines and Rio Tinto Group at a mine in Canada’s frozen north. 
 
 The 552-carat yellow gem was found at the Diavik mine in the Northwest Territories, and is almost three times the size of the next largest stone ever found in Canada. While Diavik and the neighboring Ekati mine produce some very high quality diamonds, they’re not renowned for the sort of huge gems normally found in southern African mines. 
 
 Dominion Chief Executive Officer Shane Durgin said the diamond is gem quality, meaning it’s suitable for jewelry, but gave few additional details that help determine its value. Yellow stones typically sell at a discount to Type IIa top whites often found in the best African mines. Still, the highest quality fancy vivid yellow or fancy intense yellow stones can sell for a premium. 
 
 “We can label it fancy yellow, but beyond that, due to its rough nature and the abrasions received through the processing facility, that’s all we can comment on,” Durgin said in an interview. “It’s very hard to give a ballpark estimate. It all depends on, again, the cutting and the resulting stone it ends up.” 
 
 The discovery is the seventh-biggest this century, according to Bloomberg calculations, and would be among the 30 largest stones ever unearthed. The biggest was the 3,106-carat Cullinan, found near Pretoria in South Africa in 1905. It was cut into several polished gems, the two largest of which -- the Great Star of Africa and the Lesser Star of Africa -- are set in the Crown Jewels of Britain. 
 
 The 21st Century's Biggest Diamonds Source: Company filings/Bloomberg 
 
 There have been a slew of big finds in recent years as better technology helped miners first detect, and then not break big stones that are susceptible to being smashed in the mining process. Among those are diamonds found by Lucara Diamond Corp. and Gem Diamonds Ltd. that fetched between $40 million and $63 million. 
 
 While the Diavik mine is 60 percent owned and fully operated by Rio, Dominion bought the stone in an internal auction process from its partner. Dominion said it will select someone soon to cut and polish the stone. 
 
 “It’s a beautiful gem-quality diamond,” Durgin said, adding that it was somewhat of a “miracle” that the stone survived the mining process. “It’s very unusual for a diamond of this size in this part of the world. So it’s a very unique discovery.” 
 
 The discovery is the seventh-biggest this century Source: Dominion Diamond Mines 
 
 In 2015, Rio unearthed a 187.7 carat gem-quality diamond from Diavik. ‘Foxfire’ narrowly escaped being pulverized because its elongated shape allowed it to slip sideways through a filtering screen. The diamond was exhibited at the Smithsonian before being turned into a pair of pale yellow earrings weighing a total of 77.7 carats. The earrings sold for over $1.5 million at Christie’s earlier this month. 
 
 This year’s find comes at a good time for Dominion. Since billionaire Dennis Washington bought the company for $1.2 billion last year, there’s been a management merry-go-round with at least five senior personnel leaving. That includes CEO Patrick Evans, who left last week after just over a year at the helm. Dominion needs to decide if it will pull the trigger on expansion projects that would extend the life of the Ekati mine. 
 
 Diamond mining in this area of Canada’s sub-arctic is incredibly difficult. There are no permanent roads, meaning the only access is by air or, for a few months a year, ice roads that have to be rebuilt each winter. 
 
 Meanwhile, the global market has been under pressure, especially for smaller and lower quality stones. There’s currently an oversupply of such diamonds, and a weaker Indian rupee has put pressure on manufacturers in the country where about 90 percent of gems are cut and polished. Major cutting centers have also been squeezed by low margins and a drop in trade finance. 
 
 — With assistance by Joseph Richter
– Gigantic gemstones don't typically emerge out of Canadian mines like they do in South Africa, but a big find in the Northwest Territories has just smashed that stereotype. Bloomberg reports a 552-carat yellow diamond the size of a chicken egg (picture here) was found there in October, and it's now said to be the largest diamond ever unearthed in North America. The "astonishing gemstone" was discovered at the Diavik mine, owned by the Rio Tinto Group and Dominion Diamond Mines, about 135 miles south of the Arctic Circle, per a press release. In addition to its North American honors, the diamond, which measures 33.74mm by 54.56mm, would rank among the 30 biggest stones ever discovered, per Bloomberg estimates, as well as the seventh largest this century. The scratches on the diamond indicate it had a "difficult journey," and that it remained intact during the recovery process is "remarkable," the release notes. Also noteworthy is the fact that it came out of a mine in Canada, which is known for having tough terrain to penetrate due to the sub-Arctic conditions and dearth of access. "It's very unusual for a diamond of this size in this part of the world," Dominion Chief Executive Officer Shane Durgin tells Bloomberg. He adds that it's hard to say yet how much the diamond will ultimately be worth; it needs to be seen how it ends up once it's cut. Dominion will select a partner to do that job, and polish the stone to finish it off, in the next few weeks. (A 163-carat white diamond went for $33.7M last year at auction.)