507-Carat, Egg-Sized Diamond Sells for Record $35.3 Million

A 507-carat diamond roughly the size of a chicken's egg sold for a record $35.3 million, breaking the record for the highest price ever paid for a rough diamond. Weighing just over 100 grams, the stone is estimated to be among the world's top 20 high-quality rough diamonds.

The gem was discovered in September at South Africa's Cullinan mine. According to the London diamond supplier Petra Diamonds Ltd., the stone was purchased by Hong Kong-based private jewelry retailer Chow Tai Fook Jewelry Co. Ltd.

Petra CEO Johan Dippenaar said in a statement that the price reflected "the incredible rarity of the diamond, which combines its remarkable size with exceptional color and clarity, and at 507.5 carats it is the 19th largest gem ever discovered." He added that , "It has the potential to produce one of the world's most important polished gems."

The Cullinan mine is located east of Pretoria, South Africa. It has turned out some of the world's largest gems, including the massive 3,106 carat Cullinan Diamond that was cut to create the 530-carat Great Star of Africa and the 317-carat Lesser Star of Africa set in the Crown Jewels of Britain. The mine was sold by De Beers SA to a consortium led by Petra for $148 million in 2007