Petra Diamonds’ 507 ct Cullinan Heritage was sold on Friday for $35.3 million, the highest sale price on record ever achieved for a rough diamond. It was purchased on tender in South Africa by Chow Tai Fook Jewellery Company, Hong Kong. At this stage, the purchaser has not advised Petra of its plans for the diamond. The Cullinan Heritage was recovered in September 2009 from Petra’s Cullinan mine in South Africa, which has produced some of the world’s most famous and important diamonds.

The price achieved for The Cullinan Heritage reflects the incredible rarity of the diamond, which combines its remarkable size with exceptional colour and clarity, and at 507.5 ct it is the nineteenth largest gem diamond ever discovered. The proceeds from the sale will add to Petra’s treasury and give the company further flexibility in funding the development of underground operations at Cullinan and the expansion at the Williamson mine, both of which are important steps in taking Petra’s annual production from the current 1 Mct to over 3 Mct by 2019.

Johan Dippenaar, Petra’s CEO, commented, “It is fitting that The Cullinan Heritage should achieve a sale price of $35.3 million, the highest sale price on record ever achieved for a rough diamond, as it has the potential to produce one of the world’s most important polished gems. The sale proceeds further bolster Petra’s treasury and will be invested in the growth of our core assets.”