In the more than a century that has passed since the Cullinan diamond was found the industry has undergone seismic shifts and is currently struggling under the weight of a global price slump.
The diamond industry’s suffering has been driven in part by a lower demand for the gems in both the jewelry and industrial sectors and concerns over the trade of conflict diamonds which even major traders have been implicated in.
The find comes as a welcome boost to the Petra mining company, who saw their shares soar up over 7 percent as news of the find broke, helping the miners recover from a 16-year low.
A release issued on Petra Dimaonds website read: "Petra Diamonds Limited is pleased to confirm that it recovered a 425.10 carat D colour Type II gem quality diamond earlier today at its Cullinan Diamond Mine.