A South African mining company said Tuesday that it had extracted an “exceptional” 232.08-carat white diamond from its Cullinan mine in South Africa, which has been the source of many large diamonds. Analysts have reportedly said that the diamond could fetch between $10 million and $16 million.
The discovery at the Cullinan mine in South Africa is the latest in a long history of large, expensive diamonds found at the site. The most famous, the Cullinan diamond, dug up in 1905, was the largest rough gem diamond ever found at 3106 carats. It was cut in two for the Queen’s Crown Jewels and called the First and Second Star of Africa.
Dmitry Kalachev, an analyst Canaccord Genuity said: “Around a quarter of all the world’s diamonds above 400 carats were recovered from Cullinan.”
He estimated Petra’s latest stone could be valued at more than $12.5 million.
Petra is also set to sell a rare, 122.5-carat blue diamond it found at the mine in June this week which could set a new record. This follows the sale of its 29.6 carat blue diamond, found in January, which sold for US$25.6 million in February.