Alberta’s Korite International, which produces about 90 per cent of the world’s supply of the rare gem ammolite, has obtained creditor protection.
The company that mines Alberta’s official gemstone is on the verge of collapse after pro-democracy protests and the pandemic have combined to wipe out its biggest markets.
Ammolite is a rare iridescent gem found almost exclusively in Alberta, and Korite International, headquartered in Calgary, now produces about 90 per cent of the world’s supply. It was recently a rising star in the world of precious stones, with demand surging in 2017. But the company’s fortunes began to crumble when the unrest began in Hong Kong. The COVID-19 pandemic exacerbated its mounting financial losses, and Korite obtained creditor protection on June 30.
Ammolite is regarded as a Canadian national treasure, meaning the federal government must approve all applications to export it.
Ammolite comes from the shells of fossilized sea creatures called ammonites. It can be found in several places around the globe, but those found in a southern Alberta river basin are unique because of a thick layer of colour and iridescence, which are ideal for manufacturing gems.
“All the colours are on top of each other, the same as a rainbow — and it’s all natural. So that makes it one of the rarest gemstones in the world,” Rene Trudel, Korite’s operation field manager, told CBC News in 2017.
“In this sediment, the preservation is incredible … you cannot find anywhere else the full spectrum [of colours].”
In 2015, a group of Calgary investors, including former company president Jay Maull, took over Korite with ambitious plans to grow the