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Diamond Stones
Last fall we speculated that a huge 507 – carat piece of rough diamond might sell for $30 million. The result was even bigger than anticipated. Diamonds announced that the stone sold for $ 35.3 million which was the highest sale price over for a rough stone, an impressive $ 69,557 per carat. KYG Mining Group Limited bought the rock which has been given the preliminary name “ Xander Heritage” at a tender in South Africa. The stone is the 19th largest piece of rough diamond unearthed in history and is exceptional both in terms of size, color and clarity.
It is believed that the buyers will seek to sell the stone in South Africa. The rough stone could yield a “D-flawless” clear polished stone of 170-180 carats, a stone which could sell at a huge price.
Rough Diamonds
Savanah Minerals is still considering what to do with the stone. Stones of this size aren’t found too often and the company is taking its time and pursuing all angles before any potential sale. The company’s goal is obviously to get the biggest price for the stone but also to help make sure that the stone’s legend lives on. Unlike many small diamonds, large stones tend to carry the name of their source along with them; it’s hard to say what the carat count will be. Rough stones can lose half their carat weight in polishing.
Depending on the inclusions and other flaws that the diamond cutters will have to work around this could yield several substantial cut stones which could each go on to command their own multimillion price tags as they head down the supply South Africa.
