Petra Diamonds were the lucky recipents to have discovered the world's most precious gems.Yes they procured the 507 carat Cullinan Heritage diamond which weighed just over 100 grams . The sale price achieved by Petra Diamonds is a record for a rough stone and comes as the market is recovering from its lows last year, when it was hit badly by the recession.The sale of the Cullinan Heritage is significant in several ways, not least because it is an extremely rare stone that diamond experts have likened to the discovery of a Van Gogh masterpiece.The size, colour and flawlessness of the stone has enabled Petra, which is listed in London, to secure a price per carat more than twice that which a smaller stone would fetch.
The discovery of the Cullinan Heritage also confirms Petra's faith in the South African mine. It paid ₤85.6m ($145.8m) two years ago from De Beers, which wanted to concentrate on newer mines.The South African 's Cullinan mine began production in 1903 and is famous for its large gems, including the largest ever discovered - the 3106 carat Cullinan Diamond, stones from which are featured in the Crown Jewels.
When the stone was discovered it created much hype all around as such stones are the rearest and are not often seen.The expensive rough diamond was estimated as among the world's top 20 high quality rough diamonds .And Petra after having acquired the Cullinan Mine became twice lucky to have found the invaluable gem in South Africa.The incredible rarity,flawless clarity and colour has made the price value of the diamond to have escalated up to this extent.The rough diamond has the capability to produce one of the world's most important polished gems.The Cullinan Mine is located east of Pretoria in South Africa.
The London Listed Petra has sold the stunning gem to HongKong based private jewelry retailer Chow Tai Food Jewelry Co. Ltd.
The sale to Chow Tai Fook Jewellery in Hong Kong highlights the growing importance of China in the global diamond market. The Chinese are thought to have overtaken Japan as the second-largest market for precious stones behind the US.
In December 2008 Graff Diamonds paid $18.4m for the 478-carat "Leseli La Letšeng". It was mined in Lesotho by another British listed company, Gem Diamonds.So the Cullinan Heritage Rough diamond has proved to be more priceless than this one.The current record seems to be an expensive record breaker too.
The most expensive rough diamond sold at $35.3 million was set by the Cullinan Heritage Rough Diamond procured by Petra Diamonds at London,United Kingdom on February 28,2010.
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