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By Catholic Online (NEWS CONSORTIUM)

6/13/2014 (10 months ago)

Catholic Online (www.catholic.org)

Petra Diamonds says that the 122.52 carat diamond will fetch about $25 million

It has been called - "exceptional." A blue diamond, weighing a staggering 122.52 carats has been unearthed in South Africa. Petra Diamonds says they expect the precious gem to the most valuable one mined yet.

About the size of a strawberry, the jewel is so pure that it is expected to eclipse the current world's most expensive diamond, which is a 507-carat white diamond.

About the size of a strawberry, the jewel is so pure that it is expected to eclipse the current world's most expensive diamond, which is a 507-carat white diamond.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

6/13/2014 (10 months ago)

Published in Africa

Keywords: Blue diamond, South Africa, auction, price


LOS ANGELES, CA (Catholic Online) - Petra Diamonds Ltd. Say they recovered the gem at its Cullinan mine, on the outskirts of Pretoria. Months previously, a 29.6 carat blue diamond from the same mine for more than $25 million.

About the size of a strawberry, the jewel is so pure that it is expected to eclipse the current world's most expensive diamond, which is a 507-carat white diamond. Uncovered at the very same mine, that sold for 20 million in 2010. Blue diamonds are considerably rarer, and therefore more valuable than their white cousins.

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"The rarity of a blue diamond of this magnitude sets it apart as a truly significant find," the company said in a statement.

As a result, shares in the diamond mine rose almost seven percent to a year high in early trading, making them the top percentage gainers on the FTSE-250 Midcap Index.
 
Acquiring the famed diamond mine in 2008, Petra said it would evaluate the optimal route to market the stone after a further analysis to assess its potential value.

"So far, the highest price on record paid for a rough diamond was 20 million ($35.3 million), paid in February 2010 for a 507 carat white stone, and also recovered from Cullinan. We think that this stone may break that record," finnCap analyst Martin Potts said.

The Cullinan mine boasts the largest rough gem diamond ever recovered, the 1905 Cullinan Diamond, which was cut into two stones that are part of Britain's Crown Jewels held in the Tower of London.

Other notable diamonds discovered at the mine are the 25.5 carat Cullinan blue diamond that was discovered in 2013 and sold for $16.9 million and the Star of Josephine diamond found in 2008 and sold for $9.49 million.

Petra said the diamond would not be sold in the company's current financial year ending June 30.

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