In a discovery stirring the global gem trade, South Africa’s legendary Cullinan mine has unearthed a rare blue diamond of notable size, rekindling the allure of one of the world’s most famous diamond sources and offering a lift to the high-end market.

The mine, operated by Petra Diamonds Ltd. and celebrated for producing the largest gem-quality rough diamond ever discovered — the 3,106-carat Cullinan Diamond in 1905 — confirmed the recovery of the new blue stone. While the exact carat weight and quality are under assessment, any significant blue diamond from this source commands immediate attention from top cutters and collectors.

"This recovery underscores the unparalleled character of the Cullinan mine," said a spokesperson for Petra Diamonds. "Blue diamonds are among nature's rarest treasures, and a major find from this historic deposit is always a momentous event for the industry."

The discovery arrives as the market for exceptional colored diamonds shows signs of stabilization after a period of volatility. Major blue diamonds, like the 15.10-carat "De Beers Cullinan Blue" which sold for $57.5 million in 2022, continue to set auction records, signaling sustained appetite among ultra-high-net-worth buyers.

Analysts suggest the find could provide a timely boost to Petra Diamonds and investor sentiment, highlighting the potential for premium recoveries even as the broader diamond sector navigates economic headwinds. The stone will likely be carefully analyzed and graded before its future — whether destined for a master cutter's wheel or a headline auction — is determined.Editor/Cao Tianyi