logo
  

Petra Diamonds Sells Rare White, Blue Diamonds Recovered At Cullinan Diamond Mine For $13.5 Mln

Petra Diamonds Limited (PDL.L) announced Thursday that it has sold the 342.92 carat Type IIa white diamond and an 18.30 carat Type IIb blue diamond into a partnership with Stargems (Pty) Ltd. for a total of $13.5 million.

The rare white and blue diamonds were recovered at the Cullinan Diamond Mine in South Africa.

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

Stargems is a Johannesburg-based unit of Stargems Group, a vertically integrated diamond company.

It is a diamond beneficiation licencee, allowing for the two diamonds to be cut and polished in South Africa.

Shailesh Javeri, Chairman of Stargems Group, said, "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."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Goldman Sachs Group, Inc. (GS) reported that its third quarter net earnings applicable to common shareholders increased 63 percent year-on-year. Net revenues were also significantly higher reflecting significantly higher net revenues in Investment Banking, Global Markets and Consumer & Wealth Management,... Butterball, LLC recalled about 14,107 pounds of ground turkey products for potential contamination with foreign materials, specifically blue plastic material, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) said in a statement. Specialized Bicycle Components, Inc. is recalling about 6,900 units of Tarmac SL7 Bicycles and Framesets for potential risk of fall and injury hazard, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the bicycle's fork steerer tube can crack or break after harsh impact such as hitting a deep pothole or other stress event, posing fall and injury hazards.
RELATED NEWS
Follow RTT