In a statement, Irina Bokova, director general of the Paris-based UN cultural agency UNESCO, described the wrecking as "a new war crime and an immense loss for the Syrian people and for humanity."
"This new blow against cultural heritage... Shows that cultural cleansing led by violent extremists is seeking to destroy both human lives and historical monuments in order to deprive the Syrian people of its past and its future," Bokova said.
Syria's antiquities chief Maamoun Abdulkarim told AFP in Damascus earlier Friday that local sources said IS destroyed Palmyra's tetrapylon monument, while satellite images showed damage to the facade of the city's Roman amphitheatre.
The tetrapylon, built during the rule of the Roman Emperor Diocletian in the third century, consisted of four sets of four pillars each supporting massive stone cornices.
The monument had suffered considerable damage over the centuries and only one of the 16 pillars was still standing in its original Egyptian pink granite. The rest were cement replicas erected in 1963.
The jihadist group had already ravaged the city during the nine months it held the site before being forced out of Palmyra in a Russian-backed offensive last March.
Moscow today deplored the new destruction, with President Vladimir Putin's spokesman Dmitry Peskov calling it "a real tragedy from the point of view of cultural and historical heritage."
Asked whether the Russian military is likely to step in to recapture Palmyra for a second time, Peskov said only that: "Russian military continues to support the Syrians in battling terrorists."
Also today, UNESCO said years of conflict in Syria had "totally destroyed" 30 percent of the historic Old City of Aleppo -- named a World Heritage Site in 1986 -- and around 60 percent of the quarter was "severely damaged."
The mission reported "extensive damage" to the Citadel, a fortress dating to the first millennium BC, and the Great Mosque of Aleppo, the largest and one of the oldest of the city's mosques.
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