PRETORIA – Petra Diamonds has announced the recovery of an extraordinary 41.82-carat Type IIb blue diamond from its flagship Cullinan Mine, a discovery that has sent ripples through a global gemstone market currently grappling with softening prices and the rise of synthetic alternatives. The rough stone, described as possessing “seemingly exceptional quality” in both color and clarity, reinforces the historic South African mine’s status as the world’s premier source of rare blue diamonds.
The recovery comes at a strategic juncture for the London-listed miner, which has faced a challenging fiscal period marked by a double-digit decline in rough diamond prices. While one-carat natural stones have seen significant price compression in recent years, the market for “investment-grade” colored diamonds remains robust. Industry analysts suggest the 41-carat specimen could fetch as much as R655 million ($40 million) once polished, drawing comparisons to the “De Beers Cullinan Blue,” which set a high-water mark of $57.5 million in 2022.
“Petra Diamonds is pleased to announce that it has recovered a 41.82 carat Type IIb blue diamond of seemingly exceptional quality in terms of both its colour and clarity at the Cullinan Mine in South Africa,” the company stated in an official regulatory filing. The miner confirmed it is currently in the process of “analysing the stone and ascertaining the preferred method of the sale,” noting that further updates on its marketing strategy will be issued as technical evaluations progress.
The find is a reminder of the Cullinan Mine’s storied legacy, which began in 1902 and includes the 1905 discovery of the legendary 3,106-carat Cullinan Diamond. As the industry pivots toward stricter traceability and environmental, social, and governance (ESG) standards, the recovery of such a high-profile natural stone provides a significant boost to the narrative of natural rarity. With the mine expected to remain operational until at least the 2040s, this latest “hero stone” highlights the enduring commercial potential of South Africa’s deep-level kimberlite deposits.
