Petra Sells Blue Diamond to De Beers for $40M

RAPAPORT… De Beers has made its second big-money rough purchase from Petra Diamonds in less than a year, snapping up a 39.34-carat, blue stone for more than $40 million.

The mining giant partnered with manufacturer Diacore to buy the type IIb diamond, which Petra unearthed at its Cullinan mine in South Africa in April. The final price was $40.2 million, or just over $1 million per carat, payable in cash prior to the stone’s delivery.

“This sets a new milestone for Petra in achieving its highest price for a single stone,” Petra CEO Richard Duffy said Monday.

The transaction follows De Beers’ and Diacore’s joint acquisition of five rough blue diamonds ranging from 9.61 to 25.75 carats from Petra for a combined $40.4 million in November 2020. In March, Petra sold a white diamond weighing 299 carats to Stargems DMCC for $12.2 million.

Next Wednesday, Petra is scheduled to release preliminary sales data for the fiscal year ending June 30. Revenue rose 16% year on year to $106 million in the three months that ended March 31 as a recovery in rough demand bolstered prices.


Image: The 39-carat stone. (Petra Diamonds)