HomeDiamonds & GemstonesSale of Petra Diamonds total US$13.5 million

Sale of Petra Diamonds total US$13.5 million

Petra Diamonds has announced that the 342.92 carat Type IIa white diamond and an 18.30 carat Type IIb blue diamond, both recovered at the Cullinan Diamond Mine in South Africa, have been sold into a partnership with Stargems.

Petra will receive an upfront payment of US$10.0 million for the 342.92 carat stone and US$3.5 million for the 18.30 carat stone, as well as retaining a 50% interest in the profit uplift of the polished proceeds of both diamonds, after costs.

Stargems is a Johannesburg-based subsidiary of Stargems Group, an international and vertically integrated diamond company, and is a diamond beneficiation licencee, allowing for the two diamonds to be cut and polished in South Africa.

Richard Duffy, Chief Executive Officer, commented:

“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. We are delighted that both stones will be manufactured in South Africa and it is fitting that we will be working with Stargems, who specialisein the sourcing and supply of the finest diamonds to customers across the world.”

Shailesh Javeri, Chairman of Stargems Group, commented:

“It is with great honour that we have entered into a partnership arrangement with Petra on these two diamonds from the world-renowned Cullinan Diamond Mine. The stones will be beneficiated in South Africa at our Stargems cutting factory in Johannesburg and we look forward to working closely with Petra during the manufacturing process to reveal the eventual polished gems.”

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