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.
Christie’s has auctioned one of the rarest blue diamonds in the world for a staggering $44 million.
On Tuesday, the stone called the “Bleu Royal” went under the hammer as one of the highlights of the auction house’s Luxury Week sale in Geneva, far outstripping the presale estimate. It is the first time the stone has been sold at auction, having been in private hands for the past half century.
Set into a ring, the 17.61 carat, pear shaped diamond is considered the largest internally flawless vivid blue diamond to have ever come to auction, and had a presale estimate of $35 million. At the sale, it eventually realised $43.8 million, making it the most expensive jewel sold at auction this year.
While colorless diamonds are the most popular center stones for engagement rings, colored stones are a unique choice that will set your sparkler apart. These gemstones are just as durable as regular diamonds, but they display high levels of brilliance and shine that you can’t find elsewhere. On November 7, 2023, Christie’s Geneva will be auctioning off a colored diamond as part of its “Magnificent Jewels” auction and the rock going on sale is incredibly valuable and one of the “rarest to have been unearthed,” according to Christie’s. The diamond, dubbed “Bleu Royal,” is 17.61 carats and is expected to sell for $35 million to $50 million, per the auction house. “‘Bleu Royal’ is the largest internally flawless fancy vivid blue gem ever to appear for sale in auction history,” Christie’s said in a press release.
The pear-shaped stone with a rich blue color has been part of a private collection for the last 50 years. This is the first time the gem will appear in an auction. “This is a true miracle of nature,” Christie’s International Head of Jewellry Rahul Kadakia said. “Over our 257 year long history, Christie’s has had the privilege of offering the world’s rarest gems at action, and ‘Bleu Royal’ continues this tradition. We are proud to offer collectors the opportunity to own a diamond fit for royalty.”
4.83 ct Fancy Blue Diamond Sells for $8.8 million USD
A 4.83 carat fancy vivid blue diamond ring sold for $8.8m at Christie’s Hong Kong as the Magnificent Jewels sale brought in a total of almost $60m.
The brilliant cut IF Type IIb gem (pictured) was surrounded by fancy-cut diamonds, in a gold setting. It sold between the low and high estimates of $7m to $10.2m.
The blue diamond led the sale, followed by two items which both sold for above their high estimates.
An octagonal step-cut 21.38 carat sapphire in a platinum ring set with tapered baguette cut diamonds sold for $4.5m (high estimate $2.3m).
And an 8.92 carats fancy vivid yellow orange pear modified brilliant cut diamond, in a platinum and gold ring, with pear brilliant-cut diamonds of 1.12 and 1.11 carat, sold for $4m (high estimate $3.8m).
A rare,11.16-carat fancy vivid blue diamond named the “Bulgari Laguna Blu” has fetched slightly more than $25 million at a Sotheby’s Magnificent Jewels sale in Geneva.
The auction house brought the clock back to pre-pandemic times by achieving the best performance since May 2018, with total proceeds of over 76 million Swiss francs (about $85m).
Sotheby’s noted the exceptional blue diamond was put up for auction last and after a four-minute bidding battle between three telephone bidders and one bidder in the room, it eventually found a buyer on the phone.
The sale made of the Bulgari Laguna Blu the most expensive jewel ever sold in Geneva. It is also the largest blue diamond in a Bulgari jewel and the brand’s most valuable gem to ever be put up for sale.
The Bulgari Laguna Blu is a rarity three times over, as it is a blue diamond, a jewel signed by Bulgari, and an unseen and unmodified gemstone.
Bulgari’s global Ambassador, actress Priyanka Chopra, wore the Bulgari Laguna Blu this year’s Met Gala in New York.
The Italian jewelry maker set the oceanic-blue sparkler in a bespoke diamond necklace for actress Priyanka Chopra Jonas, and the stone then was removed and remounted onto a ring—similar to the house’s original 1970s design.
The diamond was initially mounted as a ring by Bulgari for a special commission by the original owner. It was sold in 1970 and it’s now part of a necklace.
A rare 11.16 carats fancy vivid blue diamond could fetch between 22 to 25 million Swiss francs ($24 to $28 million) when it goes under Sotheby’s hammer next week in Geneva.
Named the Bulgari Laguna Blu, the pear-shape cut diamond boasts a rich blue hue that the auction house qualifies as “extraordinary” and “mesmerizing”.
It is the highest grade blue diamond ever graded by the Gemological Institute of America (GIA) and the third-largest pear-shaped fancy vivid blue diamond to ever go for sale on an auction, according to Olivier Wagner, head of jewellery at Sotheby’s Geneva.
The gem, first exhibited at the famous Met Gala fashion show in New York on Monday, is expected to attract the interest from global collectors.
Argyle pink diamonds are extremely rare and highly sought-after, making them some of the most valuable diamonds in the world. The Argyle diamond mine in Western Australia is the primary source of pink diamonds, and it is estimated that only 0.01% of the diamonds recovered from the mine are pink in colour, with an even smaller percentage being of the highest quality.
The Argyle mine ceased operations in 2020, which has led to speculation that the prices of pink diamonds, including argyle pink diamonds, may increase in the coming years. With the mine no longer producing new stones, the limited supply of these rare diamonds is expected to drive up demand and prices. However, like any investment, it’s important to carefully consider market trends and consult with a qualified professional before making any decisions.
The largest pink argyle diamond found to date is the Argyle Pink Jubilee, which was discovered at the Argyle mine in Western Australia in 2011. The diamond weighs 12.76 carats and is a vivid pink colour, making it one of the largest and most valuable pink diamonds ever found. The Pink Jubilee was cut and polished over a period of ten months, during which time the rough diamond was studied and analyzed extensively to determine the best way to bring out its natural beauty and maximize its value. The diamond was sold at auction in 2013 for an undisclosed sum, but it is believed to have fetched a record-breaking price per carat for a pink diamond.
Red diamonds are extremely rare, even more so than pink diamonds. It is estimated that only a handful of natural red diamonds are found each year, and most of them are less than half a carat in size. Red diamonds are so rare that many jewelers and gemologists may go their entire careers without ever seeing one.
The red colour in diamonds is caused by the presence of a rare mineral which causes “graining,”, This occurs when the crystal structure of the diamond is distorted during its formation. The graining causes the diamond to absorb green light and reflect red light, resulting in a beautiful and distinctive red hue. Because of their rarity, red diamonds are among the most valuable and expensive gemstones in the world. They are highly sought-after by collectors and investors, and prices for top-quality stones can reach millions of dollars per carat at auction.
Blue diamonds are also quite rare, but not as rare as pink or red diamonds. Blue diamonds account for only about 0.02% of all diamonds mined worldwide. The blue colour in diamonds is caused by the presence of trace amounts of boron during their formation, which causes the diamond to absorb red, yellow, and green light, resulting in a blue hue.
Blue diamonds are highly prized for their unique colour and rarity, and they can command very high prices at auction. The value of a blue diamond depends on a variety of factors, including its size, colour intensity, clarity, and overall quality. Blue diamonds range in colour from pale blue to vivid blue, with the most valuable stones being those with a deep, rich blue colour.
One of the most famous blue diamonds is the Hope Diamond, which is a 45.52-carat blue diamond that is part of the Smithsonian Institution’s collection of natural history specimens.
The most expensive diamond ever sold is the Pink Star, a 59.60-carat oval-cut pink diamond that was sold for $71.2 million at a Sotheby’s auction in Hong Kong in 2017. The diamond, which is the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA), was mined in Africa in 1999 and took two years to cut and polish.
The Pink Star was originally sold at auction in 2013 for a record-breaking $83 million, but the sale was later cancelled after the buyer defaulted on the payment. The diamond was put back up for auction in 2017 and sold to a jewelry retailer in Hong Kong for $71.2 million, setting a new world record for the most expensive diamond ever sold at auction.
Yellow diamonds are not as rare as pink, red, or blue diamonds, but they are still considered rare and highly prized. Yellow diamonds are formed when nitrogen atoms are trapped in the crystal lattice structure of the diamond during its formation, causing it to absorb blue light and reflect yellow light.
The intensity of the yellow colour in a diamond can vary widely, ranging from a pale yellow or light lemon colour to a deep, intense yellow. The most valuable yellow diamonds are those with a deep, rich colour that is evenly distributed throughout the stone.
Yellow diamonds are mined in various parts of the world, including South Africa, Australia, and Canada. While yellow diamonds are not as rare as some other coloured diamonds, high-quality yellow diamonds can still command very high prices at auction, especially those with a large carat weight and intense colour.
Orange diamonds are considered rare and highly valuable. The orange colour in diamonds is caused by the presence of nitrogen and other impurities in the crystal lattice structure of the diamond, which absorb blue and green light, resulting in an orange hue.
Orange diamonds can range in colour from pale orange to a deep, vivid orange, with the most valuable stones being those with a pure and intense colour. Orange diamonds are not as commonly found as white or yellow diamonds and are considered much rarer than brown or gray diamonds.
The most famous orange diamond is the Pumpkin Diamond, a 5.54-carat fancy vivid orange diamond that was mined in South Africa. The Pumpkin Diamond was sold at auction in 1997 for over $1.3 million, and it is now part of the collection at the Smithsonian Institution’s National Museum of Natural History in Washington, D.C.
A blue diamond weighing 5.53 carats failed to find a buyer at Sotheby’s Geneva on Wednesday despite being billed as the star of the auction.
The cushion brilliant-cut, fancy-vivid-blue diamond is part of an eight-piece group called the De Beers Exceptional Blue Collection, which Sotheby’s has spread between its various Magnificent Jewels sales. No bids matched the stone’s threshold price for sale, according to a post-auction report by the Fancy Color Research Foundation (FCRF). The piece carried a presale estimate of $11 million to $15 million.
“The blue is an exceptional stone in every sense,” Sotheby’s told Rapaport News Thursday. “It attracted significant interest prior to yesterday’s sale. While we didn’t get to see it sell in the room last night, we are confident it will find a new home very soon.”
Meanwhile, a number of items set records at the November 9 sale, including a 20.16-carat sapphire and diamond ring from Cartier. That piece, which fetched $2.8 million against a high estimate of $2 million, saw a record price per carat for any blue sapphire of Burmese origin ever sold at auction. A 20.58-carat, pink sapphire ring also broke the record for per-carat price, bringing in $1.9 million, or $91,690 per carat, well above its $808,368 upper price tag. A pink sapphire and diamond brooch weighing 92.01 carats by Jean Schlumberger sold for $1.8 million, outstripping its $505,278 high estimate and setting a record price for a piece of jewelry by the designer.
Another notable item at the sale was a pair of unmounted oval-cut, D-flawless diamonds weighing 20.03 and 20.19 carats. The duo fetched $4.2 million, within estimates. A step-cut, 33.13-carat, D-color, VVS1-clarity diamond ring by Cartier brought in $2.9 million, also within its expected range.
The entire Geneva Magnificent Jewels auction garnered $50 million. Sotheby’s will offer two more blue diamonds from the De Beers collection at its upcoming New York Magnificent Jewels sale on December 7.
Sotheby’s will sell a group of eight fancy-blue diamonds from De Beers across its global Magnificent Jewels auctions, expecting the set to bring in more than $70 million.
The stones are cut in various shapes and range from 1.22 to 11.29 carats, with a total weight of 32.09 carats, Sotheby’s said last week. The polished originates from five rough blues that De Beers and Switzerland-based manufacturer Diacore purchased jointly from Petra Diamonds in November 2020. Diacore cut and polished those stones into eight diamonds over the past two years.
Sotheby’s will offer three stones from the eight-piece group, called The De Beers Exceptional Blue Collection, this year. The first, a cushion brilliant-cut, 5.53-carat, fancy-vivid blue diamond will go under the hammer at the Magnificent Jewels and Noble Jewels sale in Geneva on November 9, with a high estimate of $15 million. Meanwhile, the December 7 Magnificent Jewels sale in New York will feature a cushion brilliant-cut, 3.24-carat, fancy-vivid blue, internally flawless diamond estimated at up to $8 million. That jewel will be joined by a cushion-cut, 2.08-carat, fancy-intense-blue diamond with an upper price tag of $1.5 million.
“I have remained in awe of the De Beers Exceptional Blue Collection since the first moments I set eyes on it,” said Olivier Wagner, head of Sotheby’s Magnificent Jewels auctions in Geneva. “The market for colored diamonds and precious gemstones has never been stronger. [The diamonds] will, I am sure, captivate all collectors of exceptional gemstones.”
Sotheby’s will sell the remaining five diamonds at its spring 2023 Magnificent Jewels auctions. Those include a step-cut, 11.29-carat, fancy-vivid-blue estimated at up to $50 million; a step-cut, 4.13-carat, fancy-intense-blue expected to go for up to $3.5 million; and a cushion brilliant-cut, 3.10-carat, fancy-vivid-blue diamond with a high price of $5 million.
In April, Sotheby’s sold another De Beers blue diamond: a step-cut, 15.10-carat, fancy-vivid-blue, internally flawless stone that went for $57.5 million in Hong Kong.
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.
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.
A blue diamond ring is among the top lots at the Sotheby’s Magnificent Jewels sale in New York next month.
The piece contains a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue, VS2-clarity diamond surrounded by round diamonds. It is estimated to bring in up to $6.5 million at the December 7 auction, Sotheby’s said Monday.
A cut-cornered rectangular mixed-cut, 6.69-carat, fancy-intense-pink, VS2-clarity diamond ring with a high valuation of $6 million will also star in the sale, as will a cushion-cut, 3.01-carat, fancy-vivid-blue diamond. The stone, which is set in a ring and flanked by two heart-shaped diamonds, is expected to sell for up to $4.5 million.
Other notable items include a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond ring with a high price tag of $3.5 million, and an emerald-cut, 9.97-carat emerald and diamond ring with an upper valuation of $2.5 million.
An unmounted, heart-shaped, 15.01-carat, D-color, internally flawless diamond will also be up for grabs. The stone, which is being offered without reserve, has a high estimate of $2.5 million. Sotheby’s is collaborating with Brilliant & Black designer Lauren Harwell Godfrey to make a finished jewelry piece for the diamond, it noted. She has created two original designs that utilize her signature triangle inlay pattern — for a necklace and a ring.
Meanwhile, 30 jewels from an American private collector will also go under the hammer. The entire group is estimated at more than $6 million and includes one of the most significant collections of Bulgari pieces ever to come to market, Sotheby’s explained.
In total, the auction house will offer more than 200 lots, with the sale forecast to fetch as much as $70.1 million — the highest estimate for a New York Magnificent Jewels sale since December 2018, Sotheby’s added.
A blue diamond ring is among the top lots at the Sotheby’s Magnificent Jewels sale in New York next month.
The piece contains a cut-cornered rectangular modified brilliant-cut, 6.11-carat, fancy-intense-blue, VS2-clarity diamond surrounded by round diamonds. It is estimated to bring in up to $6.5 million at the December 7 auction, Sotheby’s said Monday.
A cut-cornered rectangular mixed-cut, 6.69-carat, fancy-intense-pink, VS2-clarity diamond ring with a high valuation of $6 million will also star in the sale, as will a cushion-cut, 3.01-carat, fancy-vivid-blue diamond. The stone, which is set in a ring and flanked by two heart-shaped diamonds, is expected to sell for up to $4.5 million.
Other notable items include a pear-shaped, 62.65-carat, D-color, VVS2-clarity diamond ring with a high price tag of $3.5 million, and an emerald-cut, 9.97-carat emerald and diamond ring with an upper valuation of $2.5 million.
An unmounted, heart-shaped, 15.01-carat, D-color, internally flawless diamond will also be up for grabs. The stone, which is being offered without reserve, has a high estimate of $2.5 million. Sotheby’s is collaborating with Brilliant & Black designer Lauren Harwell Godfrey to make a finished jewelry piece for the diamond, it noted. She has created two original designs that utilize her signature triangle inlay pattern — for a necklace and a ring.
Meanwhile, 30 jewels from an American private collector will also go under the hammer. The entire group is estimated at more than $6 million and includes one of the most significant collections of Bulgari pieces ever to come to market, Sotheby’s explained.
In total, the auction house will offer more than 200 lots, with the sale forecast to fetch as much as $70.1 million — the highest estimate for a New York Magnificent Jewels sale since December 2018, Sotheby’s added.
The public can now feast their eyes on a big blue diamond thanks to New York’s American Museum of Natural History. The museum opened an exhibition Tuesday showcasing the “Okavango Blue,” a 20.46-carat oval-cut fancy deep blue diamond on loan from Okavango Diamond Company, which is wholly owned by the government of Botswana.
It has been given a VVS1 clarity grade from GIA. The diamond came from Botswana’s Orapa mine and is the largest of its kind found in the country to date. The Okavango Blue was named after Botswana’s Okavango Delta, a UNESCO World Heritage Site of global importance for biological conservation and diversity. It’s the first time the diamond is on view to the public and sits at the center of a larger presentation about diamonds from Botswana, exploring industrial uses for diamonds and how Botswana runs its diamond industry as well as educating about the different characteristics of diamonds like size, shape, color, and quality. Botswana is the second-largest producer of natural diamonds in the world, behind Russia. Previous
The Okavango Blue Diamond, pictured here in the center display
Next “Our natural diamond resources are managed responsibly in a manner that puts the people of Botswana first,” said Okavango Diamond Company Managing Director Mmetla Masire. “There is a strong sense of local pride knowing that these diamonds are improving the lives of Batswana, with profits directly reinvested in education, infrastructure, and public health. “We are so pleased to share with the world the larger story of the diamond industry of Botswana. The Okavango Blue is not just an ordinary 3-billion-year-old polished carbon element, but rather a physical embodiment of the passing of time, a fragment of eternity. Our diamonds tell the rich history and unique journey of Botswana’s development.” The exhibition sits in the Melissa and Keith Meister Gallery in the museum’s new Allison and Roberto Mignone Halls of Gems and Minerals, which reopened in June after a major renovation. The Okavango Blue and its corresponding Botswana diamonds exhibition will run for six months, AMNH confirmed.
The public can now feast their eyes on a big blue diamond thanks to New York’s American Museum of Natural History. The museum opened an exhibition Tuesday showcasing the “Okavango Blue,” a 20.46-carat oval-cut fancy deep blue diamond on loan from Okavango Diamond Company, which is wholly owned by the government of Botswana.
It has been given a VVS1 clarity grade from GIA. The diamond came from Botswana’s Orapa mine and is the largest of its kind found in the country to date. The Okavango Blue was named after Botswana’s Okavango Delta, a UNESCO World Heritage Site of global importance for biological conservation and diversity. It’s the first time the diamond is on view to the public and sits at the center of a larger presentation about diamonds from Botswana, exploring industrial uses for diamonds and how Botswana runs its diamond industry as well as educating about the different characteristics of diamonds like size, shape, color, and quality. Botswana is the second-largest producer of natural diamonds in the world, behind Russia. Previous
The Okavango Blue Diamond, pictured here in the center display
Next “Our natural diamond resources are managed responsibly in a manner that puts the people of Botswana first,” said Okavango Diamond Company Managing Director Mmetla Masire. “There is a strong sense of local pride knowing that these diamonds are improving the lives of Batswana, with profits directly reinvested in education, infrastructure, and public health. “We are so pleased to share with the world the larger story of the diamond industry of Botswana. The Okavango Blue is not just an ordinary 3-billion-year-old polished carbon element, but rather a physical embodiment of the passing of time, a fragment of eternity. Our diamonds tell the rich history and unique journey of Botswana’s development.” The exhibition sits in the Melissa and Keith Meister Gallery in the museum’s new Allison and Roberto Mignone Halls of Gems and Minerals, which reopened in June after a major renovation. The Okavango Blue and its corresponding Botswana diamonds exhibition will run for six months, AMNH confirmed.
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.”
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.”
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.
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.
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.
