News » Record Breaker for the Fancy Blue Diamond discovered at historic Cullinan Diamond Mine

On May 12th 2009 the fancy blue diamond discovered in 2008 at Petra Diamond’s Cullinan Diamond Mine was sold for a record breaking US$1.35 million per carat and totaled US$9.49 million. The diamond was named by the victorious bidder, Joseph Lau Luen-Hung, a renowned Hong Kong collector and connoisseur. The diamond is now known as the ‘Star of Josephine’.

David Bennett, chairman of Sotheby's jewelry department in Europe and the Middle East, told reporters; "I hope it will be worn, it is such a beautiful stone."

Blue diamonds are among the rarest diamonds in the world and the Cullinan Diamond mine is the most prominent source of blue diamonds.

The cushion cut stone weighing 7.03 carats is the rarest to enter the international market in years. It is no wonder why the sale of the stone broke two records; the highest price per carat for any gemstone and for a vivid blue diamond at an auction at US$9.48-million or R80.53-million.

Petra Diamonds CEO, Johan Dippenaar commented: “The price achieved at the Sotheby’s auction for this exquisite, internally flawless blue diamond is a world record by value per carat and the highest price to be achieved by a fancy vivid blue diamond, and reflects how incredibly rare and collectable such an important blue diamond is to the connoisseur.

The renowned Cullinan mine continues to captivate the world with spectacular diamonds, building on its legacy as the source of some of the world’s most famous gems. This has been a very successful partnership with Sotheby’s, one of the pre-eminent names in jewellery sales, and has provided the perfect platform to garner international recognition for a gem of this calibre."

Video - Rare Blue Diamond Breaks the Record