Petra share price soars after 232-carat white diamond find

Independent mining firm Petra Diamonds saw its shares soar on Tuesday after it announced the recovery of a 232-carat white diamond at its Cullinan mine. 

Shares on the FTSE 250-listed rose by 8.65% finishing the day on 192.10p.

The diamond is a D colour Type II diamond, one of the purest grades.

Petra described the gem as being of “exceptional size and clarity”, could be worth up to $15m (£9.3m), and revenues from the diamond could boost the company’s earnings per share this year by 13%.

The stone is expected to go on sale in the second quarter of this financial year.

The news follows Petra’s recovery of a rare 122.5-carat blue diamond at the same mine earlier this year.