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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."

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