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article imageRare blue diamond worth millions uncovered in SA mine

By Mike White     Jan 21, 2014 in World
London - A 29.6 carat blue diamond, worth possibly tens of millions of dollars and one of the rarest and most coveted in the world, has been found at a South African mine by Petra Diamonds.
The Irish Times reported the miner who discovered the diamond said the “exceptional” acorn-sized diamond, small enough to fit into the palm of a hand, was discovered at the Cullinan mine near Pretoria.
The mine has been owned by Petra Diamonds 2008 and was the same place where the Cullinan Diamond was discovered in 1905. That was described as the largest rough gem diamond ever found and weighed 3,106 carats.
Other diamonds of note have been discovered in the mine: a 25.5 carat Cullinan blue diamond, found in 2013, which sold for $16.9 million; and a diamond found in 2008, called the Star of Josephine, which sold for $9.49 million.
"By some margin ... this is probably the most significant stone we’ve ever, in terms of blue stones, recovered,” Chief executive Johan Dippenaar said, adding this could be the biggest find ever in the mines.
“The stones in the last year or so are selling well above $2 million per carat."
The Toronto Sun reported Petra Diamonds will release figures on production and sales for the last half of the 2013 year on Thursday. The recent finding will not be taken into account.
The Huffington Post reported Cailey Barker, an analyst at brokers Numis, said the diamond could bring between $15 million and $20 million at auction.
Dippenaar said it will be decided what to do with the diamond within a week.
Diamonds in two Petra mines -- Cullinan mine in South Africa and the Williamson facilities in Tanzania -- have been displayed at London's Buckingham Palace. They are considered some of the most valuable and rarest diamonds in the world.
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