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A blue diamond unearthed in SA could fetch up to $50 million

by , 17 June 2014

Last week, Petra Diamonds announced its latest monster find. The diamond company, listed in London, revealed on Friday that it had unearthed a rare blue diamond. The diamond is over 122 carats. The huge rock is set to break records when it goes up for sale. Let's take a closer look…

The diamond weighs in at a staggering 122.5 carats

Numis Securities says the rare “blue 122.5 carat diamond found by Petra” could fetch anything between $35 million and $50 million, reports Bloomberg. And depending on the hue of the diamond, the price “could blow the roof off”.

This find follows on the back of a recent sale of a “29.6 carat blue diamond from the same mine,” says iAfrica. That diamond sold for over $25 million.

After Petra revealed the news of its find, its share price “rose almost 7% to a year high in early trading,” notes IOL. The company says the colour and sheer size of the diamond “sets it apart as a truly significant find”.

The Cullinan mine is responsible for some of the world’s greatest diamonds

The diamond came from Petra’s “Cullinan mine near Pretoria,” adds iAfrica. The mine is infamous for its diamonds. One such example is the “1905 Cullinan Diamond, which ended up being part of the British Crown Jewels”.

This diamond was an astonishing 3,106 carats, notes Bloomberg. The diamond was cut into two smaller diamonds: “The Great Star of Africa and the Lesser Star of Africa.”

Petra has no plans to sell the diamond just yet, reports IOL. The miner said it will “evaluate the optimal route to market for the stone after a further analysis to assess its potential value”.

No doubt over the next few months, further details of the stone will come out along with when it will go up for auction. This diamond certainly looks set to hit the record books.

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A blue diamond unearthed in SA could fetch up to $50 million
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