Petra recovers 122-carat blue diamond at South African mine

Petra Diamonds has recovered a rare blue diamond of 122.5 carats at its Cullinan mine in South Africa.

The stone will require further analysis in order to assess its potential value and upon completion of this process, Petra will evaluate its “optimal route to the market”.

It is understood that the diamond will not be sold before the end of the company’s current financial year, ending 30 June 2014.
Petra is an independent diamond mining group and a supplier of rough diamonds to the international market. The company has interests in six producing mines, five in South Africa and one in Tanzania.

Cullinan, known as one of the world’s most important sources of blue diamonds, earned its place in history in 1905 with the discovery of the Cullinan diamond, the largest rough diamond ever found. The 3,106ct stone was cut into the two most important diamonds which form part of the Crown Jewels and the First Star of Africa.

Since Petra acquired the mine in 2008, it has continued to produce a number of blue diamonds. Prominent diamond sales have included the ‘Winston Blue’ which was sold in the US for $23.8m by Christie’s.