Petra Sells 342-carat White Diamond and 18-carat Blue Diamond into a Partnership with Stargems (Pty) Ltd

London-listed Petra Diamonds Ltd. Owners of the historic Cullinan Diamond Mine in South Africa, announced on 25th August 2021, the sale of a 342-carat, Type IIa, white diamond, whose recovery was announced on 28th July, 2021 and an 18-carat, Type IIb blue diamond also recovered from the Cullinan Diamond Mine, for a total of US$ 13.5 million.

342.92-carat type2a white rough diamond recovered at petra 9injuly 2021
342.92-carat type2a white rough diamond recovered at petra 9injuly 2021

The two diamonds have been sold into a partnership with Stargems (Pty) Ltd, a Johannesburg-based subsidiary of Stargems Group. According to the conditions of the sale, Petra will receive an upfront payment of US$ 10.0 million for the 342.92-carat, Type IIa, white diamond and US$ 3.5 million for the 18.30-carat, Type IIb blue diamond, while retaining a 50% interest in the profit uplift of the polished proceeds of both diamonds, after deducting costs.

Stargems Group, an international and vertically integrated diamond company, consisting of seven subsidiary companies with headquarters at Almas Tower, Dubai, United Arab Emirates and offices at Antwerp, Johannesburg, Hong Kong and Mumbai, is well known for the sourcing and polishing of rough diamonds, as well as the wholesale and retail of polished diamonds and jewellery. Stargems has a state-of-the-art unit in Johannesburg for the manufacturing of high value diamonds. The two diamonds sold into the partnership will be cut and polished in this state-of-the-art facility in Johannesburg.

Another view of the 342.92 carat type2a white diamond
Another view of the 342.92 carat type2a white diamond

Chief Executive Officer of Petra Diamonds, Richard Duffy, commenting on the sale, said, “These two diamonds are wonderful examples of the very high quality and rare white and blue diamonds that are so well known from the 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, who specialise in the sourcing and supply of the finest diamonds to customers across the world.”

Chairman of Stargems Group Shailesh Javeri, said, “It is with great honour that we have entered into a partnership arrangement with Petra on these two diamonds from the world-renowned Cullinan Diamond Mine. The stones will be beneficiated in South Africa at our Stargems cutting factory in Johannesburg and we look forward to working closely with Petra during the manufacturing process to reveal the eventual polished gems.”

See also  Diamond Trade Review

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