Cora International, a New York-based diamond company, celebrated Valentine’s Day with the purchase of a diamond. At $25.6 million, the diamond wasn’t your average Valentine’s Day trinket. Considering the diamond was blue and weighed in at 29.6 carats in the rough….there was nothing average about the purchase.
Cora, through the South African company Golden Yellow Diamonds, purchased the diamond at Petra Diamonds’ tender last week.
Petra Diamonds originally recovered the rare blue stone in January from their Cullinan Mine in Pretoria, South Africa. At the time of the find, Petra’s Chief Executive Johan Dippenaar referred to the blue diamond as “the most significant stone we’ve ever, in terms of blue stones, recovered.”
Petra last recovered a sizeable blue diamond from the Cullinan mine in April 2013. The 25.5 carat stone sold at auction a month later for $16.9 million. Based on that sale, industry analysts said that the most recent stone should sell for between $15 and $20 million. The fact that the newer stone sold for over $200,000 more per carat in less than a year says a lot about the increasing rarity and value for colour diamonds.
Cora International also made headlines in the colour diamond world in November 2011 when they bought the Sun-Drop Diamond at auction for 10.9 million. The pear-shaped yellow stone weighed in at 110.3 carats and the final auction price still stands as a record for that colour of diamond.