Korite

Korite is a Canadian gemstone and jewelry company headquartered in Calgary, Alberta. It is chiefly associated with ammolite, a rare iridescent gemstone made from the fossilized shells of ammonites that lived in the Western Interior Seaway during the Late Cretaceous period. The company has been described as the largest commercial producer of ammolite and produces both natural ammolite gemstones and jewelry incorporating the material. Ammolite is distinctive for its changing surface colors, which can include green, blue, red, and gold tones. Its geological origin gives Korite a position that combines jewelry manufacturing with fossil and natural-history commerce. In addition to finished jewelry, the company’s business has included the production and sale of ammolite gemstones and related fossil material. Korite is connected with Canada Fossils Ltd., described as its sister company. Canada Fossils supplies ammonites and other fossils, providing a broader fossil-resource base alongside Korite’s focus on ammolite and jewelry. This relationship reflects the company’s role not only as a jewelry brand but also as part of a specialized Canadian fossil and gemstone business. The company has participated in the international gem trade and is identified as a member of the American Gem Trade Association. Its products and materials therefore sit within both the jewelry market and the trade in natural gemstones and fossil-derived collectibles. Korite also received public attention through a scientific and museum-related donation. In 2007, an approximately 80-million-year-old ammonite fossil discovered in Alberta was donated by Korite and made its debut at the American Museum of Natural History in New York. The specimen measured about 60 centimeters, or two feet, in diameter. Its display connected the company’s commercial activities with paleontology and public education about ammonites, which became extinct roughly 66 million years ago during the end-Cretaceous extinction event. The company encountered serious commercial difficulties in 2020. On June 30 of that year, Korite obtained creditor protection. The company attributed C$2.4 million in anticipated sales losses to the cancellation of trade shows associated with the 2019–20 Hong Kong protests, and it reported a further $6.1 million in anticipated sales losses connected with the COVID-19 pandemic. These figures concerned expected sales rather than confirmed revenue or profit, and they are not presented here as current financial measures. The available reference material does not establish the company’s present operating status, ownership, executive leadership, or whether it has subsequently completed or exited creditor protection proceedings.

Korite’s business is rooted in ammolite, an iridescent gemstone derived from fossilized ammonite shells. The ammonites from which ammolite is obtained lived during the Late Cretaceous period, when much of present-day Alberta formed part of the Western Interior Seaway. Their fossil shells can display strong bands of changing color after extraction and preparation, making them suitable for use in jewelry and collectible gemstones. Based in Calgary, Alberta, Korite developed a specialized commercial position around the production of natural ammolite. The company has been described as the largest commercial producer of the gemstone. Its activities include producing natural ammolite stones and manufacturing jewelry that incorporates them. This gives the business a hybrid identity: it operates in the jewelry and gemstone sector while relying on geological and paleontological materials that are also valued as fossils. Korite’s relationship with Canada Fossils Ltd., identified as a sister company, extends this specialization. Canada Fossils provides ammonites and other fossils to Korite. The connection allows the broader business to handle both gem-quality fossil material and fossil specimens intended for collecting, education, or display. The available material does not specify the companies’ ownership structure, founding dates, or the individuals who established or currently lead them. The company has also had a presence in the organized gem trade. Korite is identified as a member of the American Gem Trade Association, placing its ammolite products within a recognized professional network for colored gemstones and related trade activity. A notable public-facing event occurred in 2007, when Korite donated an ammonite fossil discovered in Alberta to the American Museum of Natural History in New York. The fossil was approximately 80 million years old and measured about 60 centimeters in diameter. It was presented to the public on September 27, 2007. The donation highlighted the scientific and educational significance of the same type of fossil material that underpins the company’s commercial products. Museum curator Neil Landman characterized the fossil in the context of ammonites’ extinction approximately 66 million years ago, at the time of the dinosaurs. Korite later experienced substantial disruption. On June 30, 2020, the company received creditor protection. It reported that cancellations of trade shows connected with the 2019–20 Hong Kong protests had reduced anticipated sales by C$2.4 million. The company reported an additional $6.1 million in anticipated sales losses attributed to the COVID-19 pandemic. These disruptions affected a business dependent on international trade events and jewelry-market activity. The available reference material does not document the outcome of the creditor-protection process, later ownership changes, current executives, a corporate website, or the company’s present trading status. Accordingly, Korite’s current status is recorded as unknown rather than being characterized as active or defunct.

• 2020

  Creditor protection

  [1]Koriteen.wikipedia.org

  Korite received creditor protection on June 30 after reporting major anticipated sales losses associated first with trade-show cancellations during the Hong Kong protests and later with the COVID-19 pandemic.

• 2007

  Alberta ammonite fossil donated to the American Museum of Natural History

  [1]Koriteen.wikipedia.org

  Korite donated an approximately 80-million-year-old ammonite fossil discovered in Alberta. The roughly 60-centimeter specimen debuted at the American Museum of Natural History in New York on September 27.

A specialist Canadian gemstone and jewelry brand centered on natural ammolite, with an adjacent fossil and natural-history identity.

• Gemstones

  Natural ammolite gemstones

  Korite’s core material is natural ammolite, an iridescent gemstone cut and prepared from fossilized ammonite shells. Its value is associated with its natural color play, rarity, geological origin, and suitability for use as a finished stone or as a component in jewelry.

• Jewelry

  Ammolite jewelry

  Korite produces jewelry incorporating natural ammolite. The jewelry provides a consumer-facing format for the company’s fossil-derived gemstone and emphasizes the material’s distinctive iridescent colors and Canadian geological provenance.

• Fossils and collectibles

  Ammonite fossils

  The wider Korite-associated business handles ammonites, including specimens valued for their paleontological and display qualities. Canada Fossils Ltd., described as Korite’s sister company, supplies ammonites and other fossils.

• Fossils and collectibles

  Other fossils

  Through its relationship with Canada Fossils Ltd., Korite is associated with the supply and presentation of fossil material beyond ammolite-bearing ammonites. Specific product ranges, species, and current availability are not established by the reference material.

• 2020

  Application for creditor protectionOther

  Background

  Korite reported anticipated sales losses after trade shows were canceled in connection with the 2019–20 Hong Kong protests and after the COVID-19 pandemic disrupted commerce.

  Action taken

  The company received creditor protection on June 30, 2020.

  Aftermath

  The supplied material does not document the final outcome of the creditor-protection proceedings or the company’s subsequent operating status.

  Anticipated sales losses. C$2.4 million attributed to Hong Kong protest-related trade-show cancellations; a further $6.1 million attributed to COVID-19 impacts (2019–2020)

  Source

1. 1Koriteen.wikipedia.org