Petra unveils largest-ever blue diamond found at Cullinan mine

Petra Diamonds (LON:PDL) saw its share price rise more than 6% after it unveiled the discovery of a massive 122.52-carat blue diamond at its Cullinan mine in South Africa.

A blue diamond weighing a staggering 122.52 carats has been unearthed in South Africa – expected to be the most valuable ever found. Petra Diamonds Ltd said it had recovered the ‘exceptional’ gem at its Cullinan mine, on the outskirts of Pretoria, just months after it sold a 29.6 carat blue diamond from the same mine for more than £14 million ($25 million).

The Cullinan mine, located at the foothills of the Magaliesberg mountain range, is renowned for producing large blue diamonds and is the site of the discovery of the world’s largest gem 109 years ago.

The world’s biggest certified diamond is the 3,106-carat Cullinan, found at the same mine in 1905. It was cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain.