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London--Diamond mining company Petra Diamonds sold a 4.8-carat blue diamond for $1.45 million, equivalent to over $300,000 per carat.

Blue diamonds are exceptionally rare. The diamond was recovered at the famous South African Cullinan mine, where Petra has found a number of blue diamonds in the past.

In 2008, Petra discovered a 26.58-carat blue diamond. A fancy vivid blue, internally flawless, 7.03-carat diamond that was polished from it was auctioned a year later for $9.5 million. The $1.35 million per carat price was a record for an auctioned polished diamond.

This article first appeared on IDEX Online on Dec. 21.