Petra Sells Blue Diamond to De Beers for $40M

RAPAPORT... De Beers has made its second big-money rough purchase from Petra Diamonds in less than a year, snapping up a 39.34-carat, blue stone for more than $40 million.The famed mining company partnered with manufacturer Diacore to buy the type IIb diamond, which Petra unearthed at its Cullinan mine in South Africa in April. The final price was $40.2 million, or just over $1 million per carat, payable in cash prior to the stone's delivery."This sets a new milestone for Petra in achieving its highest price for a single stone," Petra CEO Richard Duffy said Monday.The transaction follows De Beers' and Diacore's joint acquisition of five rough blue diamonds ranging from 9.61 to 25.75 carats from Petra for a combined $40.4 million in November 2020. In March, Petra sold a white diamond weighing 299 carats to Stargems DMCC for $12.2 million.Next Wednesday, Petra is scheduled to release preliminary sales data for the fiscal year ending June 30. Revenue rose 16% year on year to $106 million in the three months that ended March 31 as a recovery in rough demand bolstered prices.Image: The 39-carat stone. (Petra Diamonds)