(Alliance News) - Petra Diamonds Ltd on Wednesday said it has sold a 342 carat white diamond and 18 carat blue diamond to Stargems Pty Ltd for a total of USD13.5 million.
South Africa-focused diamond miner Petra, which supplies gem-quality rough diamonds, will receive an upfront payment of USD10.0 million for the 342.92 carat white stone and USD3.5 million for the 18.30 carat blue stone.
Petra will retain a 50% interest in the proceeds of both diamonds once Stargems's Johannesburg cutting factory produces the polished stones.
The diamonds were recovered at Cullinan Diamond Mine, which is based at the foothills of the Magaliesberg mountain range and 37 kilometres north-east of Pretoria in South Africa. The white stone is Type IIa and the blue stone is IIb.
Petra initially planned to sell the white diamond at its upcoming tender in September. Diamonds manufacturer Stargems pipped the tender to the post and will cut and polish both stones in South Africa under its diamond beneficiation licence.
"These two diamonds are wonderful examples of the very high quality and rare white and blue diamonds that are so well known from the Cullinan Diamond Mine," said Petra Chief Executive Richard Duffy.
"We are delighted that both stones will be manufactured in South Africa and it is fitting that we will be working with Stargems, who specialise in the sourcing and supply of the finest diamonds to customers across the world."
Shares in Petra were up 0.7% at 1.70 pence in London on Wednesday morning trade.
By Josie O'Brien; josieobrien@alliancenews.com
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Petra Diamonds (PDL)