Petra sells 122.52 carat blue diamond for US$27.6 million

Petra Diamonds Limited has sold its 122.52 carat blue diamond recovered from the Cullinan mine in June, to a beneficiation partnership between itself (15 percent) and its polishing partner (85 percent) (who wishes to remain undisclosed). The stone was sold for US$27.6 million (US$225,269 per carat). The polishing partner will immediately settle its 85 percent of the agreed value of rough sales partnership, being US$23.5 million, which Petra will mention as revenue in its Q1 FY 2015 results.

Johan Dippenaar, CEO of Petra, commented: “We are pleased to have concluded this arrangement which records an excellent sales value for the rough stone, and also gives Petra exposure to the uplift in value post beneficiation. We look forward to providing the market with further information on the stone’s journey at the appropriate time in the future.”

The stone will be cut and polished. From the sale of the polished stone, Petra will receive its share of 15 percent from the sales proceeds, after beneficiation and related expenses, the company noted.