Petra Recovers 26-Ct. Blue Diamond at Cullinan

Petra Recovers 26-Ct. Blue Diamond at Cullinan
Apr 17, 2013 2:31 AM
   By Deena Taylor


RAPAPORT...
 Petra Diamonds recovered a high-quality top color 25.50-carat blue diamond from its Cullinan mine in South Africa.

The diamond follows a line of other special blue stones that Petra has recovered at Cullinan since acquiring the mine from De Beers in 2008.

These have included a 26.60 carat rough stone, which yielded a 7 carat, fancy vivid blue, internally flawless polished diamond and it 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.

The company is currently implementing an expansion plan at Cullinan, which will take production from 870,000 carats per year in 2012 to a projected 2.4 million carats per year by the end of 2019.