Famed Mine Spits Out 121-Carat Diamond

From the Cullinan mine in South Africa emerged in 1905 what still ranks as the world's largest rough diamond: the Cullinan diamond, a 3,106-carat gem that was cut down into smaller stones and incorporated into the British crown jewels. Now Petra Diamonds announces it's made another sparkling find from the same mine, a 121.26-carat white Type II diamond of "exceptional color and clarity, and … an outstanding example of the large, high-quality diamonds for which the mine is known."

City AM notes that Petra, which has been struggling lately in the diamond market due to lack of demand and plummeting prices, will sell its newest jewel in the last auction of its fiscal year, now taking place in Johannesburg. (The world's second-largest diamond was found in November in Botswana.)