Petra’s Prices Boosted $8.2m Blue

Petra Diamonds sold fewer carats but achieved higher prices earlier this month at its fifth tender of FY 2024, boosted by the sale of an $8.2m blue diamond.

The UK-based miner achieved an average $136 per carat on sales of 362,000 carats for $49m.

Like-for-like figures for its fourth tender, in February, were $112 per carat on sales of 429,000 carats for $48m.

Sales for the year to date are, however, lagging behind FY 2023, at $285m, down 10 per cent down on $316m.

The 14.76ct exceptional color and clarity blue diamond recovered from Cullinan, South Africa, sold for $8.2m, although it was not classified as an “exceptional stone” (over $15m).

Total revenue for Q3 FY 2024 was $66m, down 27 per cent on the previous quarter, due to the lower production and the timing of receipts from the fifth tender.

“Production for the quarter is consistent with the preceding quarter and in-line with expectations.,” said CEO Richard Duffy.

Production guidance for FY 2024 is 2.75m to 2.85m carats.

Earlier this month Petra announced the sale of its loss-making Koffiefontein mine, in South Africa, to Dubai-based Stargems for a nominal sum.

Source: DCLA

Sotheby’s Rakes In $57.5M for De Beers Blue

A record blue diamond co-owned by De Beers far outstripped its presale estimate in a stand-alone sale at Sotheby’s in Hong Kong, garnering HKD 450.9 million ($57.5 million), the auction house said Wednesday.

The 15.10-carat De Beers Cullinan Blue diamond

The step-cut, 15.10-carat, fancy-vivid-blue, internally flawless stone, called the De Beers Cullinan Blue, is the largest of its color to appear at auction. The stone, which sold to an unnamed buyer, had been expected to fetch up to $48 million.

Petra Diamonds discovered the 39.35-carat rough in April 2021 at its Cullinan mine in South Africa. In July, De Beers and Diacore bought the stone for $40.2 million, and Diacore manufactured the piece into the final polished.

To date, only five blue diamonds weighing more than 10 carats have come to auction, none of which has exceeded 15 carats, Sotheby’s explained. Similar blue diamonds have also fetched high prices, including the Blue Moon of Josephine, a cushion-shaped, 12.03-carat, fancy-vivid-blue, internally flawless diamond that sold for $48.5 million at Sotheby’s Geneva in 2015. Meanwhile, the Oppenheimer Blue, a step-cut, 14.62-carat, fancy-vivid-blue, VVS1-clarity stone, garnered $57.5 million at a Christie’s Geneva sale in 2016.

Source: DCLA

De Beers Cullinan Blue Diamond Could Bring $48M at Auction

De Beers Cullinan Blue Diamond

Sotheby’s will auction a stone described as “the largest vivid blue diamond ever to appear at auction” on April 27 in Hong Kong.

Sotheby’s estimates that it could bring $48 million.

Cullinan Blue Diamond

The 15.1 carat step-cut blue was cut from a rough stone discovered in April 2021. It is “the largest internally flawless step cut vivid blue diamond that the Gemological Institute of America (GIA) has ever graded,” according to a press statement.

“This diamond ranks as one of the best De Beers has ever seen,” said Bruce Cleaver, CEO of De Beers Group. “It is extremely rare and unique, and as the Home of Diamonds, De Beers is pleased to join together with Sotheby’s to bring this diamond to the world.”

Only five blue diamonds over 10 carats have ever come to auction, Sotheby’s notes. Until now, none has exceeded 15 carats.

“Blue diamonds of any kind are rare on the market, but this is the rarest of the rare; nothing of remotely similar calibre has appeared at auction in recent years,” says Patti Wong, chairwoman of Sotheby’s Asia. “Hundreds of millions of years in the making, this extraordinary blue diamond is surely one of nature’s finest creations.

The diamond comes from the Cullinan mine in South Africa.

Source: DCLA

Petra Diamonds in Partnership Deal With Stargems on White And Blue Diamonds

342.92 carat Type IIa white diamond: Petra Diamonds

Petra Diamonds Limited has sold 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.

The stones have been sold into a partnership with Stargems (Pty) Ltd. 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.

Petra’s Chief Executive Officer Richard Duffy 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 specialise in the sourcing and supply of the finest diamonds to customers across the world.”

Meanwhile, Shailesh Javeri, Chairman of Stargems Group, commented: “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.”

Source: DCLA

Petra Diamonds in Partnership Deal With Stargems on White And Blue Diamonds

342.92 carat Type IIa white diamond: Petra Diamonds

Petra Diamonds Limited has sold 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.

The stones have been sold into a partnership with Stargems (Pty) Ltd. 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.

Petra’s Chief Executive Officer Richard Duffy 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 specialise in the sourcing and supply of the finest diamonds to customers across the world.”

Meanwhile, Shailesh Javeri, Chairman of Stargems Group, commented: “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.”

Source: DCLA

Petra Diamonds finds 342-carat rough at Cullinan mine

            342.92-carat Type IIa white diamond.

South Africa’s Petra Diamonds has recovered a 342.92-carat Type IIa white rough at its iconic Cullinan mine.

The company said the diamond is “exceptional” quality, in terms of both its colour and clarity, and that it will likely be sold at the September tender.

Petra fetched in March $12.2 million for a 299.3-carat Type IIA white diamond. That meant it obtained $40,701 per carat, which exceeds the $34,386/ct received for the 424.89-carat “Legacy of the Cullinan Diamond Mine” in May 2019.

Type II diamonds are found less frequently and are more valuable than Type I diamonds, as they have no measurable nitrogen impurities. This gives them exceptional transparency and brilliance.

Cullinan is known as the birthplace of the famed 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa.

The operation also yielded the 317-carat Second Star of Africa.

They are the two largest diamonds in the British Crown Jewels.

Cullinan is known as the world’s most important source of blue diamonds, such as the 39.34-carat stone Petra found in April and which sold for $40.2 million earlier this month. It was the company’s highest price ever for a single stone.

Source: DCLA

Petra Diamonds finds 342-carat rough at Cullinan mine

            342.92-carat Type IIa white diamond.

South Africa’s Petra Diamonds has recovered a 342.92-carat Type IIa white rough at its iconic Cullinan mine.

The company said the diamond is “exceptional” quality, in terms of both its colour and clarity, and that it will likely be sold at the September tender.

Petra fetched in March $12.2 million for a 299.3-carat Type IIA white diamond. That meant it obtained $40,701 per carat, which exceeds the $34,386/ct received for the 424.89-carat “Legacy of the Cullinan Diamond Mine” in May 2019.

Type II diamonds are found less frequently and are more valuable than Type I diamonds, as they have no measurable nitrogen impurities. This gives them exceptional transparency and brilliance.

Cullinan is known as the birthplace of the famed 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa.

The operation also yielded the 317-carat Second Star of Africa.

They are the two largest diamonds in the British Crown Jewels.

Cullinan is known as the world’s most important source of blue diamonds, such as the 39.34-carat stone Petra found in April and which sold for $40.2 million earlier this month. It was the company’s highest price ever for a single stone.

Source: DCLA

Blue rough diamond fetches $40 million

                39.3 carat blue rough diamond

Petra Diamonds Ltd. sold a 39.3-carat blue gem for more than $40 million, making it one of the most expensive rough diamonds ever.

The small miner sold the exceptional Type IIb blue diamond to a joint venture between top producer De Beers and Diacore, a trading company owned by the billionaire Steinmetz family, it said Monday. The stone fetched just over $1 million per carat and is the most expensive gem Petra has ever sold.

Petra found the diamond at the Cullinan mine in South Africa in April. The mine, once owned by De Beers, is famous for both large and blue stones and was where world’s biggest diamond was found in 1905. Blue stones are among the most rare and valuable.

The sale is good news for Petra, which was forced to restructure its debt last year, when the Covid-19 crisis brought the industry to a standstill at a time when the company was already facing a mountain of debt and falling diamond prices. The shares, which were once worth more than $1.5 billion, closed up 1.1% on Monday.

Source: DCLA

Blue rough diamond fetches $40 million

                39.3 carat blue rough diamond

Petra Diamonds Ltd. sold a 39.3-carat blue gem for more than $40 million, making it one of the most expensive rough diamonds ever.

The small miner sold the exceptional Type IIb blue diamond to a joint venture between top producer De Beers and Diacore, a trading company owned by the billionaire Steinmetz family, it said Monday. The stone fetched just over $1 million per carat and is the most expensive gem Petra has ever sold.

Petra found the diamond at the Cullinan mine in South Africa in April. The mine, once owned by De Beers, is famous for both large and blue stones and was where world’s biggest diamond was found in 1905. Blue stones are among the most rare and valuable.

The sale is good news for Petra, which was forced to restructure its debt last year, when the Covid-19 crisis brought the industry to a standstill at a time when the company was already facing a mountain of debt and falling diamond prices. The shares, which were once worth more than $1.5 billion, closed up 1.1% on Monday.

Source: DCLA

Petra puts “exceptional” 39-carat blue diamond up for sale

    39.34 carat blue diamond recovered by Petra                                         South Africa

South Africa’s Petra Diamonds has put a 39.34 carat Type IIb gem recovered at its iconic Cullinan mine in April up for sale, with viewings beginning June 15.

The company said the diamond of “exceptional quality” in terms of both its colour and clarity, will be showcased in Antwerp, Dubai, Hong Kong and New York.

Petra, which anticipates that the diamond will be sold via a special tender, said that biddings via its online platform will close on July 12.

While it didn’t set a price range for the stone, the miner said high-quality blue diamonds like the one for sale usually fetch the highest values.

Petra’s Blue Moon of Josephine diamond, cut from a 29 carat rough blue diamond, sold for $48.5 million in 2015.

The figure corresponds to a price of $4 million per carat, which remains the world record price per carat ever paid for a diamond.

Cullinan is known as the world’s most important source of blue diamonds, as well as being the birthplace of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa. The operation also yielded the 317-carat Second Star of Africa. They are the two largest diamonds in the British Crown Jewels.

Source: DCLA

Petra puts “exceptional” 39-carat blue diamond up for sale

    39.34 carat blue diamond recovered by Petra                                         South Africa

South Africa’s Petra Diamonds has put a 39.34 carat Type IIb gem recovered at its iconic Cullinan mine in April up for sale, with viewings beginning June 15.

The company said the diamond of “exceptional quality” in terms of both its colour and clarity, will be showcased in Antwerp, Dubai, Hong Kong and New York.

Petra, which anticipates that the diamond will be sold via a special tender, said that biddings via its online platform will close on July 12.

While it didn’t set a price range for the stone, the miner said high-quality blue diamonds like the one for sale usually fetch the highest values.

Petra’s Blue Moon of Josephine diamond, cut from a 29 carat rough blue diamond, sold for $48.5 million in 2015.

The figure corresponds to a price of $4 million per carat, which remains the world record price per carat ever paid for a diamond.

Cullinan is known as the world’s most important source of blue diamonds, as well as being the birthplace of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa. The operation also yielded the 317-carat Second Star of Africa. They are the two largest diamonds in the British Crown Jewels.

Source: DCLA

Petra finds 39-carat blue diamond at Cullinan mine

 

South Africa’s Petra Diamonds has found yet another big rock at its iconic Cullinan mine, a 39.34 carat Type IIb gem said to be of “exceptional quality” due to both its colour and clarity.

The miner didn’t indicate the diamond’s potential value but said it would sell it in a special tender.

Cullinan is known as the world’s most important source of blue diamonds, as well as being the birthplace of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa.

The operation also yielded the 317-carat Second Star of Africa. They are the two largest diamonds in the British Crown Jewels.

Source: DCLA

Petra finds 39-carat blue diamond at Cullinan mine

 

South Africa’s Petra Diamonds has found yet another big rock at its iconic Cullinan mine, a 39.34 carat Type IIb gem said to be of “exceptional quality” due to both its colour and clarity.

The miner didn’t indicate the diamond’s potential value but said it would sell it in a special tender.

Cullinan is known as the world’s most important source of blue diamonds, as well as being the birthplace of the 3,106-carat Cullinan diamond, which was cut to form the 530-carat Great Star of Africa.

The operation also yielded the 317-carat Second Star of Africa. They are the two largest diamonds in the British Crown Jewels.

Source: DCLA

Petra sells 299 carat diamond for $12.18 million

 

Petra Diamonds has sold a 299.3 carat diamond recovered in January at its iconic Cullinan mine, in South Africa, to Belgium-based Stargems DMCC for $12.18 million.

The exceptional Type 11a white gem-quality rock achieved a price of $40,701 per carat, which exceeds the $34,386/ct received for the 424.89 carat “Legacy of the Cullinan Diamond Mine” in May 2019.

The freshly sold find adds to other most famous diamonds unearthed at Cullinan, such as “The Blue Moon of Josephine”. This 29.6 carat blue diamond sold for $48.5 million in 2015, a world record price per carat for any diamond sold at an auction at the time.

The company’s board approved such reorganization in January, and Petra expects to finish the process around the end of March.

Petra’s shares slumped by more than 80% last year as the covid-19 pandemic battered the global diamond sector, with mines forced to shut down while consumer demand continued to fall.

Source: DCLA

Petra sells 299 carat diamond for $12.18 million

 

Petra Diamonds has sold a 299.3 carat diamond recovered in January at its iconic Cullinan mine, in South Africa, to Belgium-based Stargems DMCC for $12.18 million.

The exceptional Type 11a white gem-quality rock achieved a price of $40,701 per carat, which exceeds the $34,386/ct received for the 424.89 carat “Legacy of the Cullinan Diamond Mine” in May 2019.

The freshly sold find adds to other most famous diamonds unearthed at Cullinan, such as “The Blue Moon of Josephine”. This 29.6 carat blue diamond sold for $48.5 million in 2015, a world record price per carat for any diamond sold at an auction at the time.

The company’s board approved such reorganization in January, and Petra expects to finish the process around the end of March.

Petra’s shares slumped by more than 80% last year as the covid-19 pandemic battered the global diamond sector, with mines forced to shut down while consumer demand continued to fall.

Source: DCLA

De Beers Buys Petra Blue Diamonds for $40M

 

De Beers has purchased five rough blue diamonds from Petra Diamonds for more than $40 million in partnership with one of its sightholders.

The miner bought the Letlapa Tala collection together with South African wholesaler and manufacturer Diacore for $40.4 million, split equally between the two companies. The type IIb stones, which originated from Petra’s Cullinan mine in South Africa, weigh a total of 85.6 carats, with the individual diamonds ranging from 9.61 to 25.75 carats, Petra said Wednesday.

The sale price at the November 24 tender exceeded analysts’ predictions. Liberum believed the stones would fetch “in the region of $30 million to $40 million,” while Berenberg predicted approximately $26 million, they told Rapaport News.

“The result of this special tender affirms the very high value placed on blue diamonds,” said Petra CEO Richard Duffy. “We believe this to be the first time that five rough blue diamonds of significant size, color and clarity have been offered for sale at one time, and we are delighted that the collection has been bought in its entirety.”

Diacore, which specializes in manufacturing rare, fancy-color diamonds, has worked with De Beers before. It previously cut the miner’s 203.04-carat De Beers Millennium Star, and has also worked on other well-known stones, such as the CTF Pink Star, a 59.60-carat pink bought by Hong Kong jeweler Chow Tai Fook for $71.2 million in 2017. The manufacturer, with cutting facilities in Botswana, South Africa and Namibia, was also one of the pilot participants in De Beers’ Tracr blockchain initiative. 

“We are excited and humbled to have the opportunity to unlock the unparalleled beauty of these rare and extraordinary natural diamonds and share them with the world,” said Paul Rowley, executive vice president of diamond trading at De Beers. “Cullinan has produced some of the most beautiful diamonds the world has ever seen, and these blue diamonds are no exception.”

De Beers and Diacore will select expert craftsmen to study and work with the diamonds before presenting them to the public, De Beers added.

De Beers previously owned the Cullinan mine. It sold the deposit to Petra for $149 million in 2007.

Source: DCLA

De Beers Buys Petra Blue Diamonds for $40M

 

De Beers has purchased five rough blue diamonds from Petra Diamonds for more than $40 million in partnership with one of its sightholders.

The miner bought the Letlapa Tala collection together with South African wholesaler and manufacturer Diacore for $40.4 million, split equally between the two companies. The type IIb stones, which originated from Petra’s Cullinan mine in South Africa, weigh a total of 85.6 carats, with the individual diamonds ranging from 9.61 to 25.75 carats, Petra said Wednesday.

The sale price at the November 24 tender exceeded analysts’ predictions. Liberum believed the stones would fetch “in the region of $30 million to $40 million,” while Berenberg predicted approximately $26 million, they told Rapaport News.

“The result of this special tender affirms the very high value placed on blue diamonds,” said Petra CEO Richard Duffy. “We believe this to be the first time that five rough blue diamonds of significant size, color and clarity have been offered for sale at one time, and we are delighted that the collection has been bought in its entirety.”

Diacore, which specializes in manufacturing rare, fancy-color diamonds, has worked with De Beers before. It previously cut the miner’s 203.04-carat De Beers Millennium Star, and has also worked on other well-known stones, such as the CTF Pink Star, a 59.60-carat pink bought by Hong Kong jeweler Chow Tai Fook for $71.2 million in 2017. The manufacturer, with cutting facilities in Botswana, South Africa and Namibia, was also one of the pilot participants in De Beers’ Tracr blockchain initiative. 

“We are excited and humbled to have the opportunity to unlock the unparalleled beauty of these rare and extraordinary natural diamonds and share them with the world,” said Paul Rowley, executive vice president of diamond trading at De Beers. “Cullinan has produced some of the most beautiful diamonds the world has ever seen, and these blue diamonds are no exception.”

De Beers and Diacore will select expert craftsmen to study and work with the diamonds before presenting them to the public, De Beers added.

De Beers previously owned the Cullinan mine. It sold the deposit to Petra for $149 million in 2007.

Source: DCLA