Rare gem discovered in South African mine will enter market from July.

Petra Diamonds has recovered a rare 122.52ct blue diamond from its Cullinan mine in South Africa.

The stone will now undergo further analysis in order to assess its potential value. Upon completion of this process, Petra will evaluate its “optimal route to the market”, according to an official press release.


It is understood the diamond won’t be sold until the end of the company’s current financial year, June 30 2014.

Petra Diamonds is an independent diamond mining group and supplier of rough diamonds to the international market. The company has interest in six producing mines; five in South Africa (Finsch, Cullinan, Koffiefontein, Kimberley Underground and Helam) and one in Tanzania (Williamson). It also maintains an exploration programme in Botswana.

The Cullinan mine, one of the world’s most important sources of blue diamonds, made history in 1905 when the largest rough gem ever recovered was found there. The 3,106ct stone was cut into the two most important diamonds which form part of the Crown Jewels in the Tower of London – the First Star of Africa, which is mounted at the top of the Sovereign’s Sceptre and which at 530 carats is the largest flawless cut diamond in the world, and the Second Star of Africa, a 317 carat polished diamond which forms the centrepiece of the Imperial State Crown.