Tracy and Beth Day Chief of the Kainai Nation have acquired KORITE through their company Buffalo Rock Mining.
The Day Chiefs bring years of expertise in the ammonite fossil industry, along with Indigenous values and sustainable business practices. This is a prime example of Indigenous entrepreneurs driving economic growth and expanding into international markets.
With KORITE controlling 95 per cent of the world’s ammonite deposits, the acquisition strengthens its supply chain stability, ensuring partners and clients have a reliable source of high-quality products in a competitive luxury market.
KORITE was under receivership when purchased by Buffalo Rock Mining.
“We see this as an opportunity to breathe new life into KORITE,” said Tracy Day Chief. “We are excited to collaborate with the talented staff and loyal clients to restore the company to its pre-COVID success. Together, we’ll expand the presence of ammonite in new and innovative ways.
“We are confident that the future structure of KORITE is in good hands, and we look forward to re-establishing it as a leader in the industry.”
The Day Chiefs also announced the appointment of Amarjeet Grewal as KORITE’s new President.
“Joining KORITE feels like coming full circle,” said Grewal. “This role offers a unique opportunity to elevate both the brand and the ammonite story on a global scale. My focus will be on strengthening relationships within the industry, building meaningful partnerships, and ensuring KORITE remains at the forefront of innovation and excellence.”
Beth Day Chief said Buffalo Rock Mining started in 2008 and on the Blood Reserve in southern Alberta.
“We set up the mining company to mine for ammonite on our reserve . . That’s the primary source, that area for ammonite. So we were able to mine for ammonite on the west side of the St. Mary’s River.”
The ammonite is used to make gemstones and fossils. The product which is mined is brought back to the company’s facility where it is finished.
“In the past, our company has produced the ammonite fossils, some natural stones, and some triplets. In the past, up until now, we did have some suppliers that we sold our product to . . . Since 2008 we’ve kind of made our connections and introduced our company into the ammonite world. Our company was not into the finished product as far as jewelry settings would go. We were more into the loose stones and the fossils,” said Beth Day Chief.
“We’ve always wanted to bring Buffalo Rock mining to the high level in the ammonite industry. We’ve always looked for different avenues to get there, and then the opportunity came up that KORITE was selling. So we grabbed on to the opportunity. We’re fortunate enough to close the deal. Here we are today as the new owners.”
Grewal said she has been in this industry for over 30 years. Currently, KORITE has business on cruise ships and land stores at the ports. It’s also present in tourist areas.
“Our goal is to grow outside our comfort zone that’s where KORITE the past few years has been. So we are looking at global market where we can make our presence right now,” she said.
“One of the things that our focus right now is to be part of the gemstone industry . . . KORITE has been in the industry for a good over 40 years. With all the ups and downs, we just want to rebrand it and say ‘hey, we want to be part of the gemstone industry, not just the ammonite industry . . . We are there in that market, but the awareness is not there. For us to bring awareness for a Canadian gemstone globally, that’s our number one focus right now.”
Beth Day Chief said the owners of the company are also owners of the mine making it a true mine to market company.
“I always say you have an owner that’s willing to get in there and actually get in there and work in the dirt and follow the process right through. We have a real passion for this, for the stone and the fossil. And moving forward, I think that’s going to be the big difference. It’s a true mine to market,” she said.
Grewal said Buffalo Rock Mining follows all the practices for environmentally-friendly mining and sustainability.
“They walk the talk, meaning, the ground is left exactly how they got it,” she said.
“We do want to give it back to the community. That’s that’s like one of our goals here. I know there’s a lot of ideas. Super excited about it.”
The KORITE mining is off the Blood Reserve on the east side of the St. Mary’s River.
The Blackfoot people recognize ammonite—called “Iniskim” or Buffalo Stone—as a sacred stone that brought prosperity that can now be shared globally. This cultural ethos continues to guide Buffalo Rock Mining as they embrace KORITE’s legacy and plan for a promising future.
Buffalo Rock Mining is committed to continue its ethical practices by balancing commercial expansion with sustainable efforts, in line with Alberta’s stringent fossil regulations. These regulations safeguard rare specimens while ensuring responsible mining practices for future generations.
“Amarjeet’s leadership, energy, and insight make her a force to be reckoned with,” said Tracy Day Chief. “We knew that to take KORITE to new heights, we needed someone who not only understands the business but deeply embodies the significance and story behind ammonite. Amarjeet is that person.”
Grewal said KORITE will continue its mission of blending cultural heritage with sustainable business practices, ensuring ammolite remains not just a gemstone but a symbol of beauty, history, and energy.
“My passion lies in sharing the magic of ammolite—not just as a product but as an experience that connects people to the land, history, and spirit it represents,” Grewal added. “The fossil has a story, and it’s a privilege to be part of a company that brings that story to life.”
KORITE is vertically integrated, from operating the largest commercial ammolite mine in the world to designing, manufacturing and selling fine jewellery and art in more than 28 countries.
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