Petra Sells 122.52-carat Blue Diamond for US$27.6 Million

Petra Diamonds Ltd. (LSE:PDL) announced that it has sold a 122.52-carat blue diamond recovered in June from its Cullinan mine to a beneficiation partnership made up of Petra and an undisclosed polishing partner. It went for an equivalent value of US$27.6 million, or $225,269 per carat.

As quoted in the press release:

The polishing partner will settle its 85% of the agreed rough sales partnership value, being US$23.5 million, immediately and Petra will record this sum as revenue in its Q1 FY 2015 results.

The stone will be cut and polished and upon sale of the polished, Petra will receive its 15% share in the proceeds, after beneficiation and related expenses.

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.

Click here to read the full Petra Diamonds Ltd. (LSE:PDL) press release.