Some people have all the luck! $13 million diamond found in South Africa

A 232.08-carat D color Type II diamond has been unearthed at a mine in South Africa, with a possible value of nearly $13 million.

LOS ANGELES, CA (Catholic Online) - The diamond was found at Cullinan mine owned by Petra Diamonds.

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The Cullinan mine is famous for the largest rough gem diamond ever recovered, the 3,106 carat Cullinan Diamond found in 1905, which was cut into stones that are part of Britain's Crown Jewels.

A spokesman for the mine described the newly-found stone as "a magnificent example of the large, high quality diamonds for which the mine is known."

This is Petra's largest white diamond found since it unearthed the 507-carat Cullinan Heritage in 2009 from the same mine.

That rough white diamond was given a "flawless" clarity grade and fetched a company record of $35.3million.

"We estimate a sales price in the order of $10million to $15million, given Gem Diamonds' recent sale of Type II white at about $70,000 per carat and assuming some losses for cutting/polishing," said a Numis Securities analysts.

"The extra revenue would go straight to the bottom line," Numis said.

The diamond is most likely going to be sold to traditional buyers in America, Europe or Israel.

"It's more a case of the clients coming to us, rather than us needing to approach clients," said a company spokesman.

The company said it expects the diamond to be sold around October-December.

Investors are also awaiting the outcome of a sale of a rare 122.52-carat blue diamond, recovered from Cullinan this year. Analysts have valued the stone at more than $35 million.

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