KORITE Acquisition Creates World’s Only Mine-to-Market Ammolite Producer

Alberta’s Unique Ammolite Industry Becomes Fully Integrated

Buffalo Rock Mining’s acquisition of Calgary-based KORITE has created the world’s only mine-to-market ammolite producer. While the deal received little industry attention, its implications are significant. The integration unites mining, cutting, polishing, and global distribution under one company, uniquely positioning the Alberta-based operation in the global gemstone market.

KORITE has led the global ammolite trade for decades, controlling 95% of known reserves, all located in southern Alberta’s Bearpaw formation. Ammolite, the rainbow-colored gemstone derived from ammonite fossils, is mined exclusively in this region. Indigenous communities, particularly the Kainai Nation, recognize ammonite as a sacred “Buffalo Healing Stone.” With this acquisition, Indigenous owners Tracy and Beth Day Chief bring renewed focus on sustainable and ethical mining practices.

Previously, Buffalo Rock Mining focused solely on extraction, selling rough stones. In contrast, KORITE managed cutting, polishing, and high-end retail. Now combined, the company holds unmatched control of the global supply chain, exporting primarily to Asia and Europe. Finished ammolite pieces fetch premium prices — with one fossil recently selling for C$250,000 through Christie’s.

Focus Keyphrase: Mine-to-Market Ammolite

The move solidifies Canada’s role as the sole global source for mine-to-market ammolite. This vertical integration ensures end-to-end quality control and enables new domestic marketing strategies. According to KORITE President Amarjeet Grewal, expanding brand recognition in Canada is a major priority post-merger.

Despite global success, the company remains relatively unknown in its home country. In Southeast Asia, ammolite is revered in feng shui practices for promoting prosperity and energy. However, domestic awareness is lacking — a contradiction Grewal plans to correct. “You’re selling overseas and in your own backyard your neighbors don’t know you exist,” she said.

Buffalo Rock Mining now holds mineral rights for another 30 to 40 years on the Kainai reserve. While Canadian federal and provincial laws impose strict environmental standards and cultural oversight, the company maintains compliance, working with Heritage Canada to secure fossil export permits.

SuperMetalPrice Commentary:

The unification of KORITE and Buffalo Rock Mining redefines the ammolite industry. This rare gemstone’s entire global supply now flows through one vertically integrated, Indigenous-led Canadian firm. While global markets continue to drive sales, the company’s domestic growth strategy may ignite new demand at home. As ethical sourcing and cultural stewardship gain consumer importance, this mine-to-market model could become a template for specialty mineral industries.