Petra Diamonds Limited announced that the 507 carat Cullinan Heritage sold for US $35.3 million, the highest sale price on record for a rough diamond.

The diamond was sold on tender in South Africa and was purchased by Hong Kong-based Chow Tai Fook Chow Tai Fook Jewellery Company .

The Cullinan Heritage was recovered in September 2009 from Petra’s Cullinan mine in South Africa.

At 507.5 carats it is the nineteenth largest gem diamond ever discovered.

Petra Diamonds has announced the recovery of a 507.55-carat rough white diamond from the famed Cullinan Mine in South Africa.

This spectacular gemstone was recovered on Thursday 24 September and is currently with experts for analysis.

Initial examinations indicate that the stone is of exceptional color and clarity, and is most likely a Type II diamond.