In a bold move that cements its global leadership in gemstone mining, KORITE has acquired Buffalo Rock Mining in south-central Alberta, creating the world’s only fully integrated mine-to-market ammolite producer.
The acquisition gives KORITE, long known as a premier name in luxury ammolite jewellery, direct access to the Bearpaw Formation, a fossil-rich geological region that yields one of the rarest organic gemstones on Earth. This vertically integrated approach—from extraction to retail—places KORITE in a category of its own in the global gem and mineral industry.
Excavation underway in Alberta’s Bearpaw Formation, source of rare ammolite.
Source: [Sothebys.com]
A Deal Rooted in Community and Culture
The acquisition isn’t just about expanding commercial capabilities; it also reflects a deeper partnership between indigenous knowledge and modern mineral development. Tracy and Beth Day Chief, who established Buffalo Rock Mining, are members of the Blackfoot Nation. Within their community, ammolite—known as Iniskim, or “Buffalo Stone”—holds deep spiritual meaning, often associated with guidance, strength, and abundance.
“This isn’t just a gemstone—it’s part of who we are,” said Tracy Day Chief. “Working with KORITE ensures that our traditions are respected while the economic benefits extend to future generations.”
KORITE has stated it will continue to honour these cultural connections through shared stewardship of the land and community-based economic inclusion initiatives.
What is Ammolite—and Why Does It Matter?
Ammolite stands apart from traditional gemstones like diamonds or sapphires—it’s an organic mineral derived from the fossilised remains of ammonites, prehistoric sea creatures that lived tens of millions of years ago. The gemstone is prized for its iridescent colour play, ranging from fiery reds to vibrant greens and deep blues.
Extracted almost exclusively from the Bearpaw Formation, a unique geologic layer found in Alberta and parts of Montana, ammolite’s rarity and beauty have made it a sought-after material for high-end jewellery and energy healing products. Often called the “Buffalo Healing Stone,” ammolite has spiritual and cultural significance far beyond its visual appeal.
A polished ammolite specimen showing full-spectrum iridescence.
Source: [ IGI ]
From Fossil to Fine Jewellery: KORITE’s Mine-to-Market Model
With this acquisition, KORITE now controls the full chain of custody for ammolite—from extraction and cutting to design, production, and distribution. This model not only ensures supply chain transparency but also allows the company to preserve the gemstone’s story—from prehistoric marine fossil to luxury boutique.
By securing its own mineral rights and production capability, KORITE effectively future-proofs its operations against supply shortages and third-party inconsistencies. It also positions the brand to educate consumers about the stone’s provenance—an increasingly important aspect of consumer buying behaviour in luxury markets.
“Today’s buyers care where their gems come from. We now offer that certainty, every step of the way,” said David Carlson, KORITE’s Vice President of Operations, during the announcement in Calgary.
An Industry-First: Global Impact
In the competitive world of gem mining, few companies can claim to own every link in their supply chain. The KORITE ammolite acquisition places the brand among a very small group of gemstone producers with full-spectrum control—comparable to vertically integrated diamond giants, but on a much rarer material.
This milestone also raises Alberta’s profile in the global gemstone landscape. While the province is better known for oil sands and fossil fuels, the Bearpaw Formation now attracts international attention as a geological treasure trove.
“It’s a perfect example of diversification,” said Alberta Economic Development Officer Leanne Moore. “We’re not just exporting resources—we’re exporting stories, culture, and craftsmanship.”
Source: [Retail Insider]
Looking Ahead: Sustainability and Storytelling
KORITE has outlined a multi-year roadmap to expand both mining and retail operations. New digital tracking technologies will allow customers to follow each gemstone’s origin and transformation. Meanwhile, investment is also being channelled into environmentally responsible extraction practices to ensure the Bearpaw Formation remains protected.
The company is also working closely with Blackfoot communities to develop cultural education programs, where visitors and buyers can learn about the legacy of Iniskim and its place in indigenous lore.
Conclusion: A Canadian First with Global Implications
The KORITE ammolite acquisition of Buffalo Rock Mining is more than a corporate transaction—it’s a fusion of geology, culture, and commerce. In becoming the world’s only mine-to-market ammolite producer, KORITE has created a model for ethical, transparent, and community-conscious gemstone mining.
As demand for rare, traceable luxury materials grows, KORITE stands uniquely positioned to deliver a product that is not only beautiful—but also meaningful.
