Rare blue diamond sold for over $40 million in most expensive rough diamond sale ever

The 39.34 carat exceptional Type IIb blue diamond was recovered from Cullinan diamond mine in South Africa in April 2021 [Image: Petra Diamonds]

International diamond mining Petra Diamonds Limited sold an exceptional Type IIb blue diamond for over $40 million reportedly making it the most expensive rough diamond sale ever.

The 39.34 carat exceptional Type IIb blue diamond was recovered from Cullinan diamond mine in South Africa in April and is sold to a partnership between De Beers and Diacore. The diamond has achieved a price of over $1 million per carat, the highest price ever for a single stone diamond.

"This sets a new milestone for Petra in achieving its highest price for a single stone and follows the sale of the 299 carat Type IIa white diamond in March this year and the five blue diamonds comprising the Letlapa Tala Collection in November 2020, purchased by the same De Beers Diacore partnership," Richard Duffy, Chief Executive Officer of Petra Diamonds said in a statement.

The Cullinan Diamond Mine where Petra found the rare blue diamond is renowned as a source of large, high-quality gem diamonds, including Type II stones, as well as being the world’s most important source of very rare blue diamonds. The 3,106 carats largest rough gem diamond ever found was also discovered here in 1905.

The sale comes at a time when Petra has been struggling with the impact of COVID-19 on the industry with the company forced to restructure its huge debt while struggling with falling prices of diamonds, Bloomberg reported.