Petra sells rare blue diamond from Cullinan mine for $27.6m
FTSE 250-listed Petra Diamonds yesterday announced it had sold a rare “exceptional” 122.52-carat blue diamond for $27.6m (£16.9m).
However, the sale price fell short of many analysts’ expectations of around $35m, though some estimates had ranged from as low as $20m to as high as $50m.
The 122-carat diamond was found in June at the Cullinan mine, famous for the 1905 discovery of a 3,106-carat diamond, the largest ever.
Last week, Petra revealed it had also found a 232-carat white diamond at the Cullinan mine.
Following the $27.6m sale of the 122-carat blue diamond, analysts at VSA Capital yesterday suggested Petra’s new 232-carat white diamond could have the potential to sell for more than double that price.
“The newly discovered much larger stone may fetch in excess of $55m if of similar or better quality,” VSA analysts said.