Blue Diamond ‘Worth Tens Of Millions’ Discovered

The gem was dug up at a lucrative site near Pretoria. Pic: Petra Diamonds

A massive diamond with a possible price tag of more than £36m has been discovered at a mine in South Africa.

The 29.6 carat blue diamond, described as being “exceptional”, was dug up at the Cullinan mine near Pretoria – owned by Petra Diamonds.

Chief executive Johan Dippenaar said: “The stones in the last year or so are selling well above $ 2m (£1.2m) per carat. That’s not my quote, that’s updates in the market.”

However, analyst Cailey Barker at brokers Numis said it could expect to fetch less – between $ 15m (£9m) and $ 20m (£12m) – at auction.

The mine, owned by the firm since 2008, was also where the Cullinan Diamond was found in 1905 – described as the largest rough gem diamond ever recovered and weighing 3,106 carats.

Other notable diamonds found in the mine include a 25.5 carat Cullinan blue diamond, found in 2013 and sold for $ 16.9m (£10m), and a diamond found in 2008, known as the Star of Josephine, which was sold for $ 9.49m (£5.7m).

 Diamonds unearthed by Petra, which also operates mines in Botswana and Tanzania, have previously been displayed at Buckingham Palace.

The 1905 Cullinan Diamond was cut into two stones – the First Star of Africa and the Second Star of Africa – and form part of Britain’s crown jewels held in the Tower of London.