The 552-carat yellow diamond was found at Diavik Diamond Mine, northeast of Yellowknife in October and measures about the size of a chicken-egg.
“This incredible discovery showcases what is truly spectacular about Canadamark diamonds,” said Kyle Washington, Chairman of Dominion Diamond Mines.
“The colour and texture of the diamond are a unique example of the journey that natural diamonds take from their formation until we unearth them. Our Diavik Mine has produced some of the most beautiful diamonds in the world, and this one certainly tops the list.”
The gemstone, which measures 33.74mm x 54.56mm, was discovered while passing through the initial screening process at Diavik’s recovery plant.
The company said the find “far surpasses” the previous record held for a North American diamond. In 2015 a two billion-year-old 187.7-carat diamond dubbed “Foxfire” was unveiled.
To put the discovery into perspective, the largest diamond on record was the 3,106-carat Cullinan, found near Pretoria in South Africa in 1905. It was later cut into several stones, including the First Star of Africa and the Second Star of Africa, which are part of Britain’s Crown Jewels held in the Tower of London.
Due to the significance of the find, Dominion now plans to select a partner to cut and polish the stone which is currently in its rough form. It has not been determined how much it will be worth after the process.
In November a rare pink diamond weighing just under 19 carat sold for a world record price at British auction house Christie’s. The jewel was purchased by renowned jeweller brand Harry Winston for more than $50m (£39m) in Geneva.
The “Pink Legacy”, dubbed the “Leonardo da Vinci of diamonds” was the largest vivid pink diamond to have ever been put under the hammer.
The Diavik Diamond Mine began producing diamonds in January 2003. Rio Tinto, a multinational mining firm based in London, owns a 60 per cent stake in Diavik and Dominion Diamond Mines.