Petra’s 122.52 carat Blue Diamond Sold for $27.6 Million – a Disappointment!

September 17th, 2014 by Noam Flint

 

Three months ago, the world’s largest rough blue diamond was discovered by Petra Diamonds.

122.52 carat Blue Diamond Discovered by Petra Diamonds122.52 carat Blue Diamond Discovered by Petra Diamonds
Image: Petra Diamonds

The blue diamond, weighing an astounding 122.52 carat was unearthed at the Cullinan mine in South Africa. The same amazing mine that was responsible to most of the amazing blue diamonds that were discovered in the last few years. Including:

  1. The 29.6 carat blue diamond that was later polished into the newly most famous blue – the Blue Moon – 12 carat flawless vivid blue diamond. (2014)
  2. The 25.5 carat Cullinan Blue (2013)
  3. The Cullinan Heritage – 507 carat white diamond (2010)
  4. The blue diamond that was polished and named The Star of Josephine (2008)

How can $27.6 be a Disappointment

The company that currently holds the record for the most expensive rough diamond is none other than Petra Diamonds.

The record was set in February 2010 with the sale of the Cullinan Heritage which sold for $35.3 Million.

However, with the unstoppable increase in the prices of colored diamonds and considering the fact that earlier this year they the 29.6 carat blue that analysts assessed was worth around $15 Million eventually sold for $25 Million. And considering that it is the BIGGEST blue diamond ever. And considering that upon its discovery Petra’s stock bounced in the equivalent of $66 million. And considering that analysts predicted that this find would fetch in the proximity of $40 million… suddenly, $27.6 million doesn’t sound like too much…

According to JCK Magazine Petra Diamonds considered various types of realizations to this diamond. Either selling it as a whole or in the formation of a partnership (like they did with the Star of Josephine). The result in this case was selling 85% of the diamond. Thus keeping 15% potential to enjoy the upside of the predicted polished diamond – a prediction that was not revealed to the public.

Size Matters, but Color More!

In all of our buying guides, whether we discuss about what to check when buying a pink diamond or a more common color like yellow diamonds, we keep emphasizing that when it comes to colored diamonds, the most important C (out of the 4 Cs) is the diamond’s color. This is just another proof of that saying. With all the respect to the enormous size of this diamond, it’s all about the color! Even between two blue diamonds.

29.6 carat Rough Blue Diamond by Petra 29.6 carat Rough Blue Diamond by Petra – Image courtesy of Petra Diamonds

Still a Chance for a Record

While the title for most expensive rough diamond sold for this diamond was already missed, they still have a chance on another record. Currently the biggest blue diamond in the world is the Blue Idol’s Eye. A 70 carat blue diamond.

Do you think this one would be bigger?

 

 

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