Diamonds are forever, even if the mines that find them aren’t.
In a stunning find, workers at the Diavik mine in the Northwest Territories have unearthed a massive 158.20-carat yellow diamond — one of the largest ever found in Canada.
Yellow diamonds range from USD$2,500 to $25,000 per carat, which means this particular ‘miracle of nature’ could be worth up to $3.95 million.
But it comes as Australian metals giant Rio Tinto prepares to shut down the mine next year after years of falling production.
Despite global economic challenges and declining diamond demand, the company said Diavik continues to deliver extraordinary finds in its final months of operation. In a press release, the company said the oval-shaped stone is about the size of a chicken egg.
“The beauty and purity of Diavik diamonds continue to excite passions among all who see them,” said Patrick Coppens, Rio Tinto’s general manager of sales and marketing .
Diavik, located about 200 kilometres south of the Arctic Circle, primarily produces white gem-quality diamonds, with yellow diamonds making up less than one per cent of its yield.
This rare discovery comes just days after Rio Tinto announced the recovery of a 50-million-year-old fossilized log from deep within the mine.
The diamond, described as a “miracle of nature” by Diavik’s chief operating officer Matt Breen, is one of only five yellow diamonds over 100 carats ever discovered at the mine in its 22-year history.
The mine previously yielded the largest diamond of any kind ever found in North America — a 552-carat yellow stone Dubbed ‘Firefox’ — uncovered in 2018.
The most recent discovery comes as Rio Tinto faces a 17% decline in diamond production at Diavik, reflecting broader struggles in the global diamond market.
The mine’s output dropped to 2.8 million carats in 2024, down from 3.3 million the previous year, due in part to a tragic plane crash near the site that claimed the lives of four workers and temporarily halted operations.
Meanwhile, Rio Tinto’s diamond division reported a 37% revenue drop last year, mirroring similar struggles at industry giants De Beers and Petra Diamonds. The company has also earmarked $1 billion annually for mine closures, including Australia’s Argyle Mine, which shut down in 2020.
While Diavik’s closure marks the end of an era, its contributions to science and history extend beyond diamonds. The recent discovery of a 50-million-year-old redwood log — found 240 meters below the surface — offers a rare glimpse into the region’s prehistoric past.
Meanwhile, Canada is currently the world's third largest producer of diamonds by both value and volume, behind Russia and Botswana and ahead of the Democratic Republic of Congo, Angola and South Africa.
In 2023, Canada mined 15.6 million carats worth $1.5 billion. That compares to Russian output of 37.3 million carats worth $36 billion.
