An independent valuation of a bulk sample of diamonds dug from the Renard project, owned by Stornoway Diamond Corp., said most of the gems could be worth more than $100 (U.S.) a carat.

Eira Thomas, Stornoway’s chief executive officer, said the valuation of the bulk sample marks a key milestone for Renard, which is believed to contain between 17 million and 21 million carats. “We’re really pleased with the results of the bulk sample and the valuation because they have shown that Renard is going to be a producer of large high quality gem stones,” Ms. Thomas said in an interview.

At a reception in Toronto, Ms. Thomas showed off some of the best stones from the bulk sample, including a 15 carat diamond and a 10 carat stone.

A geologist by training, the Stornoway CEO rose to prominence more than a decade ago with her involvement in the discovery of the renowned Diavik Mine in the Northwest Territories, now owned by Rio Tinto PLC and Canada’s Aber Diamond Corp. Roughly a fifth the size of Diavik, Ms. Thomas said Renard is looking more and more as though it will prove an economically viable diamond mine and the first for the province of Quebec.

With a recently added separate royalty added to diamonds mined in Ontario, the find in Quebec may lead to a more profitable mining operation while providing a much needed source of diamonds for a growing trend in buying Canadian diamonds in an effort ot avoid purchasing “Blood Diamonds”.