Five extremely rare blue diamonds found at South African mine

Five blue diamonds recovered at Cullinan in September 2020_
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Due to this exceptionally rare find and the uncommonness of these precious pieces of fossilised carbon.  South African diamond producer, Petra Diamonds Limited, proudly announced on 16 September 2020, they had found these unique five blue stones at their primary mine. Speaking on the rarity of these diamonds, according to Petra Diamonds Limited, these are thought to be among the world’s rarest and most valuable stones.

The Type IIb gems were discovered over the course of one week’s production at the diamond company’s Cullinan mine, situated approximately 40 kilometres east of Pretoria.

Blue diamonds are so rare that there are no official statistics on their recovery. However, Petra Diamonds Limited explains the Cullinan mine is known as the world’s most important source. Stating, “The last blue diamond of significance was recovered a year ago at the mine in September 2019, and it is therefore even more unusual to recover five high-quality stones around the same time, all in the space of one week’s production.

What makes the recent find remarkable, the five stones are individual gems, instead of being part of a larger, single diamond. Their sizes range from 9.61 carats to a heart-dropping, 25.75 carats.

Given the challenges presented by the COVID-19 pandemic, the company is now maintaining a flexible approach to sales.

Therefore, they are currently evaluating the optimal route to market the stones. Once all avenues are explored, the company will then release further information to their customer base, on the marketing plan.

Petra continues to undertake discussions with the, Ad Hoc Group of holders of the Group’s Senior Secured Second Lien Notes (“AHG”), as well as with the South African lender group, regarding a long-term solution to improve the Group’s capital structure.

In addition, the company explains, “These finds, whilst a positive development, will not have a material impact on the likely terms of the required long term solution to improve the Group’s capital structure, nor the  significant level of equity dilution that existing shareholders are likely to experience in connection with its implementation.”

With the diamond company facing challenges due to the pandemic are there more valuable and rare blue diamonds hidden beneath the surface?

Share your thoughts with us in the comment section below?

Author: Quinton Boucher

Edited: Calvin Swemmer

Image Credit: Petra Diamonds Limited

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Quinton Boucher

Quinton Boucher

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