Although the thought of diamond mining might automatically bring African operations to mind, there are actually quite a few Canadian mines producing stones for the world market. And one of them, the Ekati Mine in Yellowknife, Northwest Territories (owned largely by BHP Billiton Canada, Inc.), has produced a whopper of a gem. The 78-carat rough diamond goes up for auction today (auspiciously, Valentine’s Day, a holiday that has long been kind to the diamond industry) and it’s anyone’s guess what the high bid might be on “the most significant diamond” (according to Ekati communications leader Alexander Legaree) to come from the mine in the last 13 years.
The stone has been dubbed the “Ekati Spirit” in reference to the spirit of the people of the North, and indeed, the mine operates just 200 km south of the Arctic Circle. The press, however, has mainly referred to the spectacular find as simply the Ekati Diamond, a name that is more likely to stick after sale. The stunning gemstone is pretty amazing even in its rough state. It appears colorless and seems to have few or no flaws towards the center (at least to the naked eye). Once it is cut and polished, it may be ranked amongst some of the top diamonds in the world.
As for what it will cost to own this dazzling rock, the authorities seem undecided. Although Ekati brought in several appraisers for the task of determining what the stone might go for at auction (or simply to get some idea of the starting bid), none of the jewelers consulted would offer an estimate on the diamond’s value. But the auction house in Antwerp, Belgium should have no trouble assisting in this matter. Having likely moved plenty of gemstones in their time, they will no doubt be able to come up with a fair starting bid to get the action going on this rare bit of bling.
And Ekati and BHP Billiton are bound to make out like bandits. A stone of this size is not only rare, but becoming rarer. With only a finite amount of diamond deposits residing within our reach in the Earth’s crust, finds like this one are few and far between, which makes this stone a pretty sought after commodity. Despite the recession, people with money to spend will come out of the woodwork to purchase this particular stone. And Ekati looks to get a sum in the multi-millions for this diamond, if past auctions are any indication.
