Petra Diamonds has announced the recovery of a 41.82-carat blue diamond from its famed Cullinan mine, a find that experts say could set new record books for rare gemstones.
The rough stone, which observers were quick to note resembles the shape of Africa, is of “seemingly exceptional quality in terms of both its color and clarity”, Petra Diamonds said.
Gregory Katz, a Johannesburg diamond dealer, told the South African outlet News24 that depending on the final cut and quality, the newly found blue diamond could fetch somewhere between $30m to $40m at auction.
The cutters would seek to maximise the stone’s size, but the finished, polished stone would be significantly smaller than the original rough diamond.
“There is little doubt it is a significant find,” he said.
Natural blue diamonds, technically known as type Iib, are exceptionally rare, accounting for fewer than 0.1% of all diamonds. They form only at extreme depths of up to 370 to 430 miles, before being brought closer to the surface by volcanic activity.
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Their distinctive color comes from traces of boron that help absorb red, orange and yellow light, leading to a highly prized light blue or grey tint.
The discovery comes at a critical time for UK-based Petra Diamonds, which has struggled with falling prices and production in recent years. The industry at large has also been pressured by the rising popularity of cheaper lab-grown stones.
In contrast, blue diamonds have been among the strongest-performing color diamonds over the last two decades, appreciating by 242% since 2005, according to data from the Fancy Color Research Foundation, reflecting their exceptional rarity and desirability.
