507-Carat Cullinan Heritage Sells for $35.3 Million

Petra CEO Johan Dippenaar holds the 507.55 carat Cullinan Heritage diamond, sold for $35.3 million

The 507-carat Cullinan Heritage diamond has been sold for $35.3 million, the highest sale price on record ever achieved for a rough diamond, Petra Diamonds announced Friday. The diamond was sold on tender in South Africa and was purchased by Hong Kong-based Chow Tai Fook Jewellery.

The purchaser, a Diamond Trading Company (DTC) Sightholder, has not yet disclosed its plans for the diamond.

According to Petra, the price of the Cullinan Heritage, recovered in September 2009 from Petra’s Cullinan mine, reflects the incredible rarity of the diamond. At 507.5 carats, it is the nineteenth largest gem quality diamond ever discovered.

The company stated it will use the proceeds from the sale to fund the development of underground operations at Cullinan and the expansion project at the Williamson mine. Petra states that both are “important steps” in raising its annual production from one million carats to over three million carats by 2019.

Petra CEO Johan Dippenaar said the sale price is “fitting” a diamond that has “the potential to produce one of the world’s most important polished gems.”