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.
Tags: 507ct, Cullinan, Cullinan Heritage, diamond