A diamond pegged to be the largest known gem-quality stone found in North America was discovered at a Northwest Territories mine in October, according to Dominion Diamond Mines.
Canadian mining company Dominion Diamond Mines announced in a press release on Thursday the yellow Canadamark diamond was unearthed in October at the Diavik Diamond Mine, nicknamed "Diavik" approximately 135 miles south of the Arctic Circle.
Huge 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. "It's very hard to give a ballpark estimate".
Its size in its raw state as it was discovered has been compared to that of a chicken egg. The largest on record was the 3,106-carat Cullinan, found near Pretoria in South Africa in 1905.
This latest diamond will not be sold in its rough form.
The find surpasses the gem previously considered the largest gem ever found in North America-the 187.7 ct.
"Due to the significance of the discovery, Dominion will select a partner in the coming weeks who will cut and polish the stone", read the company's statement.
The site produces between six and seven million carats of predominantly large, white gem-quality diamonds each year, according to Rio Tinto. It was cut into two pear-shaped pieces and sold for $1.3 million. Since billionaire Dennis Washington bought the company for US$1.2 billion past year, there's been a management merry-go-round with at least five senior personnel leaving. There's now an oversupply of such diamonds, and a weaker Indian rupee has put pressure on manufacturers in the country where about 90 per cent of gems are cut and polished.