Found in a South African mine last September, the Cullinan Heritage stone was recorded as the 19th largest gem every found. Petra Diamonds, who discovered the rock, announced that Hong Kong's Chow Tai Fook Jewellery Company bought the diamond for $35.3 million its raw state possibly becoming one of the most important gems in the world.
The rough edged diamond is 507.5 carats and is said to be about the size of a chicken's egg. It set the record for being the most expensive rough gem ever sold. The price was said to reflect the stones amazing rarity, size and clarity. Chow Tai Fook has not yet said what its plans are for the rare stone.
As for the largest diamond ever found on record, it was discovered in the same mine back in 1905. Eventually that stone was cut to for the Great Star of Africa and the Lesser Star of Africa, which are set in Britain's Crown Jewels. Recently, in May of 09 Petra received $9.48 million for the sale of a polished 7.03-carat blue gem, also found in those same South African Mines.
Diamond prices have soared as of late. In the first 11 months of 2009, prices rose about 48%, especially with such high demand in China, which overtook Japan as the second highest gem market in the world. This sale could not have come at a better time for Petra. Last years numbers show that it totaled losses of around $88 million, while this year’s first half profits are already at $37.9 million.
If we had to assume the fate of this diamond, considering the history of others, it will be cut up and sold separately to assure more profits. Think of it as a car, where the sum of its parts is worth more than it would be as a whole, a really expensive car, a $35.3 million one.
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By Adam Z