BHP Billiton

Ekati Spirit Diamond Sets New Record

Filed under: Jewelry

A 78-carat rough diamond from the Ekati mine in Canada's Northwest Territories sold in Antwerp this week at BHP Billiton's diamond center. The diamond sold for $2.8 million which is a record for Canadian stones. The previous record was for a 10.22 carat gem, also from Ekati, which sold for $1.2 million. The stone was named the Ekati Spirit by an employee after a company contest.

The stone is internally flawless and is considered to be the mine's most significant gem-quality find in the last 13 years. It's not the biggest stone to come out of the mine, that would be a 182-carat stone found two years ago, but that stone was of poorer quality.

No word yet on who the buyer is, although it's hard not to see a big stone and wonder if Laurence Graff or maybe Lev Leviev is behind the transaction. It's also not clear if the stone will be cut and set. Stones lose a significant amount of weight when cut so it will be interesting to see what this stone looks like after the master cutters get their hands on it. With stones of this size and value, the diamond plotters often strategize for months, using computer modeling and other methods, before making that first fatal cut.

Tags: BHP Billiton, diamond, ekati diamond, ekati spirit