A 122.52ct blue diamond is recovered in South Africa by London-listed mining company Petra. It is considered exceptional because of rarity of the blue diamonds of that magnitude. Only three or four blue diamonds over 100 carats have ever been recovered, according to Cathy Mallins, corporate communications manager at Petra Diamonds. It’s expected to break the record for the highest price paid for a rough diamond, $35.3 million for a 507ct white diamond in February 2010, also recovered by Petra at Cullinan mine.
Located at the foothills of the Magaliesberg mountain range in South Africa, Cullinan is one of the world’s most celebrated diamond mines. Some notable diamonds recovered at the mine include Cullinan diamond in 1905, the largest rough gem diamond ever found at 3,106ct. Cullinan diamond was cut into two stones, both of which are part of Crown Jewels in the Tower of London. Star of Josephine, a fancy vivid blue and internally flawless 7ct diamond, was sold for $9.49 million in 2009. Cullinan Heritage, the 507ct white rough diamond, was one of the last famous pieces recovered at the mine.
Petra’s shares touched their highest in more than two years with a 7 percent increase after the announcement. Analysis is expected for the final valuation of the stone, which can push the shares even higher if the diamond is classified as fancy vivid blue.