Friday 27 June 2014

Cullinan Diamond Set to Fetch Record Price

Cullinan Diamond Set to Fetch Record Price

Posted on 26 June 2014. By

The blue diamond discovered at the Petra Diamonds’ Cullinan mine in South Africa could fetch a record price, according to a UK resource analyst.

The exceptional 122.52 carat blue diamond was unearthed by Petra Diamonds in June 2014, with the mine stating that the ‘rarity of a blue diamond of this magnitude sets it apart as a truly significant find’.

Highest price on record
Speaking to London’s The Telegraph, FinnCap analyst, Martin Potts said that the highest price on record paid for a rough diamond was $35.3-million, in February 2010 for a 507-carat white stone, also recovered from Cullinan.

“We think that this stone may break that record,” said Potts.

Blue diamonds are more valuable than their white counterparts, and both, once cut, are worth more than their rough originals.
The Cullinan mine frequently yields diamonds larger than 10 carats, and has produced over 750 stones weighing more than 100 carats, 130 stones weighing more than 200 carats, and around a quarter of all diamonds weighing more than 400 carats.

Further analysis
Petra said that the newly discovered 122.52 carat blue diamond would require further analysis in order to assess its potential value, and upon completion of this process.

The company said it would then be in a position to evaluate its optimal route to market.

The London-listed firm, Petra Diamonds that acquired the Cullinan mine in 2008, confirmed that the stone would not be sold before June 30, and not before tests to determine the true value of the ‘exceptional stone’ were conducted.

Petra Diamonds has interests in five producing mines in South Africa and one in Tanzania, and also maintains an exploration programme in Botswana.