Petra Diamonds today (13 January) announced the recovery of a huge 41.82-carat Type IIb blue diamond at its Cullinan Mine, in South Africa. The UK-based miner described the stone as being of “seemingly exceptional quality in terms of both its colour and clarity”. The iconic Cullinan mine is known for recovering high-value blue stones.
Last April it sold a 14.76ct blue stone, of “exceptional color and clarity” for $8.2m. In July 2021 it sold a 39.34-carat blue diamond for $40.18m. The Letlapa Tala collection of five blue diamonds sold in November 2020 for $40.36m.
And a 29.60-carat rough that was cut into the Blue Moon sold for $25.6m in February 2014. It was subsequently auctioned in 2015 for $48.5m to Hong Kong billionaire Joseph Lau, who renamed it the Blue Moon of Josephine. Petra says it is in the process of analyzing the stone and deciding on a preferred method of the sale.
In October Petra Diamonds announced details of a $25m rights issue to keep the company afloat as it battles falling prices and production, together with rising debt and cash flow difficulties. Revenue for FY2025 was $206m, down 33 per cent year-on-year from $309m and net debt increased to $264m.
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