Petra Diamonds Limited announced that the 507 carat Cullinan Heritage sold for US $35.3 million, the highest sale price on record for a rough diamond.

The diamond was sold on tender in South Africa and was purchased by Hong Kong-based Chow Tai Fook Chow Tai Fook Jewellery Company .

The Cullinan Heritage was recovered in September 2009 from Petra’s Cullinan mine in South Africa.

At 507.5 carats it is the nineteenth largest gem diamond ever discovered.

The Chow Tai Fook Group has not revealed its plans for the diamond, which could be cut into smaller stones.

Petra CEO Johan Dippenaar said the sale price is “fitting” a diamond that has “the potential to produce one of the world’s most important polished gems.”