Huge SA diamond named

Johannesburg - The Hong Kong collector who bought Cullinan's blue diamond has named it the "Star of Josephine", Petra Diamonds said on Tuesday.

The flawless cushion -shaped diamond, weighing 7.03 carats was purchased by Hong Kong collector Joseph Lau Luen-Hung on May 12.

"Mr Lau bought the diamond for HK$74 million ($9.48m or R80.53m) and he has already exercised his right to name the diamond, which is now known as 'Star of Josephine'," said the company.

The sale on auction at Sotheby's in Geneva set two world records - the highest price per carat for any gemstone at auction and for a fancy vivid blue diamond at auction.

The diamond was cut from a 26.58 carat rough discovered in 2008 at Petra Diamonds' historic Cullinan diamond mine in South Africa.

The mine has been the world's most consistently reliable source of blue diamonds.

- Sapa