The owner of the Ekati mine, which opened in 1998, has filed for insolvency protection amid the significant decline in diamond prices.
Coronet Breaks Record for Most Diamonds Set on A Watch
Marking the brand’s ninth Guinness World Record, the “Mudan” watch is on display at Baselworld now.

Basel, Switzerland—Coronet was awarded the Guinness World Record for the most diamonds set on a watch, the brand announced Friday.
Its “Mudan” watch, which is currently being showcased at Baselworld, tipped the scale with 15,858 diamonds set in 18-karat gold, amounting to a total of 50.01 carats.
The watch design was inspired by peonies, known as the “king of the flowers” in Chinese culture.
Artist and jewelry designer Reena Ahluwalia’s hyper-realistic diamond painting, which can take hundreds of hours to paint, is featured on the dial.
Ahluawalia, who has also collaborated with Coronet on a new watch collection, said her painting is representative of “the shining nobility that we carry within.”
Coronet has nine Guinness World Record nods to its name, including one it received for “most valuable guitar” in 2015.
Its diamond Gibson guitar, named “Eden of Coronet,” featured 11,441 diamonds, weighing in at 401.15 total carats, set in 1.6 kg (about 56.4 ounces) of 18-karat white gold, bringing its value to around $2 million at the time.
Coronet blinged out a guitar in 2016 as well, breaking the record for the most jewels on a guitar after setting 16,033 Swarovski gemstones, including topaz, citrine, rhodolite and cubic zirconium.
The Fender American Deluxe Jazz Bass was played by The Jackson 5 member Jermaine Jackson at the ceremony.
At the 2018 Baselworld show, the Hong Kong-based brand broke the record at the time for the most diamonds set on a handbag.
Its Coca-Cola bottle-shaped accessory featured 9,888 natural diamonds—8,543 black diamonds and 1,345 colorless diamonds—weighing in at 120 carats.
Baselworld will run from March 21 to March 26.
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