The Axe of the Dwarvish Lords is a symbol of the pride and heritage of an entire people. What's more, it's also a priceless historical artifact—though the dwarves have made efforts to keep their great citadels in repair, there can be no question that dwarves lose a little more of their ancestral ways with each generation born on the surface. Many dwarves believe reclaiming the axe is vital to uniting their people and beginning a new age of dwarven ingenuity. Most dwarven lords would pay any price to recover the axe, as doing so would win them instant esteem and authority among their people, and just as many would do all that it takes to wrest the artifact from non-dwarf hands.
The Kirvig Karalin was lost soon after the fall of the Kingdom under the Mountain when the ancient dwarven site Goldvault was magically sealed. The vault was opened in the fourth age by Yggritte and her companions and the axe was used by her party to slay Valotha the Venomous.
The axe was returned to the dwarven wardens of Goldvault where it has been kept safe until such time when a proper leader of the dwarven people can be found.