Today’s mining blog post is an update on the success of London-listed Petra Diamonds find at their South African based Cullinan mine.

A blue diamond is one of the rarest and most coveted finds in the world. Petra Diamonds (LON:PDL) seems to have a knack of finding these coveted and rare blue diamonds. In their South African based Cullinan mine, diamonds were found in 2008 and 2013. The 26.58 blue carat diamond found in 2008, was named the Star of Josephine which sold for an estimated $9.5 million. The 25.5 blue carat diamond found in 2013, sold for an estimated $17 million.

This year, London-listed Petra Diamonds South African Cullinan mine has hit the jackpot with the find of an acorn-sized 29.6 carat blue diamond, which was small enough to fit into the palm of one’s hand. It has a possible price tag of tens of millions of dollars, and based on the current estimated price of about $2 million per carat, this coveted and rare gem could easily bill more than $60 million.

The Chief Executive of Petra Diamonds, Johan Dippenaar, told Reuters the latest blue diamond discovery could outstrip recent finds and that this was probably the most significant blue stone they’ve ever recovered.

Cullinan mine in South Africa, and the Williamson facilities in Tanzania both owned by Petra Diamonds, have had their rare diamond finds displayed at London’s Buckingham Palace, and is regarded among the world’s most rarest and valuable gems.

The 1905 Cullinan Diamond forms part of Britain’s Crown Jewels held in the Tower of London, and is cut into two stones; the First Star of Africa and the Second Star of Africa.

On Tuesday, 22 January 2014, Petra Diamonds shares went up 0.08% and stands at 122.60p each.

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