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Buyer Community> Trade Intelligence> China Biz> Chow Tai Fook buys 507-carat diamond for HK$275 mln
Source: China Knowledge China Knowledge

Chow Tai Fook buys 507-carat diamond for HK$275 mln

Published: 01 Mar 2010 01:25:24 PST

Mar. 1, 2010 (China Knowledge) - Chow Tai Fook Jewelry Co Ltd, a Hong Kong-based jewelry company, has announced that it has purchased a diamond for US$35.3 million or HK$275 million at an auction, and that the diamond, which is called The Cullinan Heritage, weighs 507 carats and was discovered in Cullinan Mine in South Africa.

The large diamond was found in September 2009 alongside three other diamonds weighing 168 carats, 58.5 carats and 53.3 carats, respectively. Chow Tai Fook Jewelry purchased the 168-carat diamond for US$6.28 million in November 2009.

Cheng YuTung, chairman of Chow Tai Fook Group, the parent of Chow Tai Fook Jewelry, said that the diamond is very rare and exceptional.

Chow Tai Fook Jewelry currently owns more than 1,000 chain stores in China and Malaysia and hopes to have more than 2,000 stores by the end of 2020. The firm's annual total sales exceed HK$30 billion and its market value exceeds HK$100 billion, sources reported.

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