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Petra Sells Two Cullinan Diamonds for $13.5 Million

Petra also retained a 50% interest in the polished proceeds of both diamonds
petra 342 carat white diamond
Credit: Petra Diamonds

Petra Diamonds has sold two diamonds for a nice bundle: According to Rough & Polished, a 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, were sold for $13.5 million for a partnership with Johannesburg-based Stargems.

 

Cullinan diamond South Africa
Credit: Petra

 

Petra received an upfront payment of $10 million for the 342.92 carat stone and $3.5 million for the 18.30 carat diamond. It also retained a “50% interest in the profit uplift of the polished proceeds of both diamonds, after costs,” according to the report.

 

Cullinan diamond mine
Credit: Petra Diamonds

 

Petra’s CEO Richard Duffy remarked: “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.”



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