Petra Diamonds today announced the sale of their 507 carat diamond for $35.3 million.

Heritage Cullinan diamond; image courtesy of Petra Diamonds

The diamond is still in its rough (uncut) state, and the sale price of US$35.3m is the highest on record ever achieved for a rough diamond, Petra said in a statement issued today.

The diamond was purchased by Chow Tai Fook Jewellery Company Limited of Hong Kong, a multi-national company with diamond cutting operations in South Africa.

This spectacular and historic gem was recently named the Cullinan Heritage to reflect the date of its recovery on Heritage Day in South Africa (24 September 2009) as well as its origins from the illustrious Cullinan mine, which has produced the many of the world’s most famous and important diamonds.

The record-breaking price achieved for The Cullinan Heritage reflects the incredible rarity of the diamond, which combines its remarkable size with exceptional colour and clarity, and at 507.5 carats it is the nineteenth largest gem diamond ever discovered, according to Petra.

Following the sale, Johan Dippenaar, Petra’s CEO, commented, “It is fitting that The Cullinan Heritage should achieve a sale price of US$35.3 million, the highest sale price on record ever achieved for a rough diamond, as it has the potential to produce one of the world’s most important polished gems.”

Chow Tai Fook have not announced their plans for the diamond.