According to the Bloomberg calculations, the recent discovery by the Canadian miners is the seventh-biggest of the century and the diamonds is amongst the largest 30 stones that were ever unearthed.
Located in the frozen north of Canada, the Rio Tinto Group at the Dominion Diamond Mines recently discovered the largest diamond found to date in North America. The 552-carat yellow diamond is three times the size of the biggest stone ever unearthed in Canada. The diamond is of top quality, yellow stones are mostly available at a lower price when compared to top white diamonds, often found in the mines in Africa, yet, the highest quality stones selling at premium prices can also include fancy intense yellow or fancy vivid yellow stones.
552-Carat Diamond Largest Ever in Canada
The diamond is labelled as a fancy yellow stone and currently, it is difficult to pinpoint its value due to abrasions and its rough nature. The value will depend on the cutting and the end result. The largest ever diamond unearthed was found in Cullinan, a mine close to Pretoria and it measured 3,106-carat. The stone was named the Great Star of Africa and was cut into several polished stones of which one are set in Britain’s Crown Jewels.
Technology Plays A Big Part in Recent Discoveries
Due to new technology an array of bigger diamonds has been unearthed in recent years, since it is much easier to detect huge stones, and these are less damaged during the new mining processes. Amongst the diamonds unearthed at the Gem Diamonds Ltd and Lucara Diamond Corp are quite a few ranging in worth between $40 million up to $63 million. The diamond discovered measures about the same size as that of an egg and is described as a miracle, it is very unusual to find such a huge gem and therefore it is also classified as a unique discovery.
187.7-Carat Diamond Ends Up in Earrings Sold for $1.5 million
The previous diamonds discovered and ranked amongst the biggest stones in the world also includes the 187.7-carat diamond found in Rio in 2015. The diamond was on show at Smithsonian and thereafter placed in a pair of earrings that weigh 77.7-carat, these earrings were available at Christie’s and were sold earlier this month for $1.5 million.
Dennis Washington Acquired Dominion for $1.2 Billion
The huge discovery comes at the best time since Dominion was bought last year for $1.2 billion by the billionaire, Dennis Washington. In the sub-arctic area of Canada, mining is extremely difficult, while there are also no permanent roads and the mining area is only accessible via air, each winter the ice roads have to be rebuilt. The global market in the meanwhile has been under great pressure for lower quality and smaller stones. What adds to the pressure is the weaker Indian rupee, 90% of gems are cut and polished in the country, while the major cutting centres have been squeezed by a decrease in trade finances and low margins.