Petra Recovers 29.6 carat Blue Diamond at Cullinan

Jan 21, 2014 By Deena Taylor RAPAPORT... Petra Diamonds recovered a 29.6-carat, vivid blue diamond at its Cullinan mine in South Africa. The diamond has extraordinary saturation, tone and clarity, the company said.

Petra described the diamond as one the most exceptional stones it has recovered at Cullinan since acquiring the mine from De Beers in July 2008.

In May 2013, Petra sold a 25.50 carat blue diamond for $16.9 million, or $663,144 per carat. Other blue diamonds recovered at Cullinan include a 26.60 carat rough diamond, which yielded a 7-carat, fancy vivid blue, internally flawless polished diamond. The diamond subsequently sold for $9.49 million, or $1.35 million per carat at a Sotheby's auction in May 2009. A 39-carat blue diamond, also recovered at the mine, sold for $8.8 million.

Petra is scheduled to report its half year earnings later this month.