The most expensive rough-cut diamond in history was sold overnight. Petra Diamonds of London sold the 507-carat rough diamond for over US$35 million. The buyer was Chow Tai Fook Enterprises from Hong Kong. They are a luxury Chinese conglomerate with big stakes in hotels, casinos, jewellery, telecom and transport all over the Far East. Petra Diamonds named the stone the Cullinan Heritage, after the Cullinan mine in South Africa, which also produced the original Cullinan stone — the worlds largest rough-cut diamond. That giant was sold to the British government in 1905 and was carved into The Star of Africa, the prize of the Crown Jewels and given the sale of its modern cousin, a pretty accurate assessment of the shift in economics over the last century. Whats more, Petra announced an earnings rebound last week. They made a $37 million profit over the last six months, compared with an $88 million loss in the same period the year before. The company cited a rebound in rough diamond prices and strong demand from China and India.
Archive for February, 2010
507ct Cullinan Heritage Rough Diamond Sells
Saturday, February 27th, 2010Polished Prices Rising
Tuesday, February 23rd, 2010With the reduction of rough diamond mining in 2009, we are now feeling the effect with stronger polished prices. Shortages in certain polished sizes and qualities is prevelant.
De Beers may be entering a new era whereby they will reduce diamond rough production to bolster polished prices. If prices are going to increase in the future, is it not better to leave the goods in the ground and extend the life of the mines this way.
507ct Petra Diamond Named
Monday, February 22nd, 2010Petra Diamonds announced that the 507ct rough diamond they found in the famous Cullinan Mine has been named the Cullinan Heritage. The diamond will be placed on tender shortly in Johannesburg and is one of the top 20 largest high quality rough diamonds ever discovered. Sources say it could sell for US$30 million.