JOHANNESBURG (miningweekly.com) – Some of the “blues” have been taken out of the stricken diamond industry as a result of up-and-coming London Aim-listed Petra Diamonds managing to sell a stunning blue diamond from the Cullinan mine outside Pretoria for a record $9,4-million, the highest auction price ever for a fancy vivid blue.

Petra, which bought the historic Cullinan mine from De Beers last year, has succeeded in notching up an impressive $1 349 752/ct, establishing a new world record price per carat for any gemstone sold at an auction.

The internally flawless, cushion-shaped 7,03 ct stone, which was the centrepiece of Sotheby’s Magnificent Jewels auction in Geneva, outdid the pear-shaped 3,73 ct vivid blue and previous record holder that sold for $1 328 444/ct a year ago.

It also surpasses the world record for a 6,04 ct, fancy vivid blue diamond ring, which sold for $7,9-million at a Sotheby’s auction in October 2007.

“The price achieved reflects how incredibly rare and collectable such an important blue diamond is to the connoisseur,” Petra Diamonds CEO Johan Dippenaar said.

He said that the Cullinan mine was continuing to build on its famous-gems, with Sotheby’s providing the perfect platform.

“It captured the imagination of collectors around the world,” said Sotheby’s Europe-Middle East chairperson David Bennett.

It had been exhibited in Hong Kong, New York, London and Geneva prior to the auction.

Petra nurtured its emergence from its rough 26,58 ct stage through to the polished masterpiece which the Gemological Institute of America gave the highest possible blue-diamond grading.

Petra chairperson Adonis Pouroulis led his junior company’s unwavering march to acquire Cullinan, which provided the historic diamonds featured in the British crown jewels.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.