Petra Diamonds has announced that the 507-carat white diamond recovered at its Cullinan mine in South Africa will be named “The Cullinan Heritage.” The diamond is reportedly of “exceptional” color and clarity and one of the 20 largest high-quality rough diamonds ever discovered.

“This spectacular and historic gem has been named to reflect the date of its recovery on Heritage Day in South Africa (September 24, 2009), as well as its origins from the illustrious Cullinan mine, which has produced the majority of the world’s most famous and important diamonds,” the company stated.

The Cullinan Heritage will be tendered in Johannesburg. Petra will announce the diamond’s sales value following the tender’s completion at the end of February.

“Since we announced the recovery of the diamond in September 2009, we have experienced a high level of interest from the trade and we look forward to announcing the results of the sale,” said Petra’s CEO Johan Dippenaar.