Petra partly sells two big diamonds to local beneficiator

Petra will receive an upfront payment of $10-million for the 342.92 ct diamond and $3.5-million for the 18.30 ct diamond. It will also retain a 50% profit of the proceeds from the sale of the polished diamonds when sold.

Stargems is a Johannesburg-based subsidiary of Stargems Group, which is an international and vertically integrated diamond company. The subsidiary is a diamond beneficiation licencee, allowing for the two diamonds to be cut and polished in South Africa.

Petra CEO Richard Duffy says these two diamonds are wonderful examples of the very high quality rare white and blue diamonds that are so well known from the company’s 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, which specialises in the sourcing and supply of the finest diamonds to customers across the world.”