• Exceptional blue diamond discovered at Cullinan mine
• Company determines sale method after analysis

A diamonds company announced the recovery of a 41.82-carat blue diamond from its Cullinan mine in South Africa.

The company described the stone as a type IIb with "exceptional quality," confirming it is the first diamond of this color and size extracted from the mine in the past five years.

The previous similar diamond, weighing 39.34 carats, was discovered in April 2021 and sold for $40.2 million.

The company stated that it is still analyzing the diamond to determine the best way to sell it.

The Cullinan mine is renowned for producing rare, high-value blue diamonds.

The discovery is significant for the company, which has faced challenges in recent years due to lower demand for diamonds.

In October, the company reported that the average price received for rough diamonds fell 13% to $110 per carat in the first fiscal quarter ending September 30.

In the same month, it launched a rights issue to raise the funds needed to sustain operations, aiming to gather approximately $25.1 million to continue running its business.