Petra makes a $13.5 million profit on the sale of two Cullinan diamonds.


DIAMOND TIMES – Petra also kept a 50% share of the polished revenues from both stones. Petra Gems recently sold two diamonds for a substantial sum: A 342.92 carat Type IIa white diamond and an 18.30 carat Type IIb blue diamond, both recovered from the Cullinan Diamond Mine in South Africa, were sold for $13.5 million to a partnership with Johannesburg-based Stargems, Petra was paid $10 million up front for the 342.92 carat diamond and $3.5 million for the 18.30 carat diamond. According to the report, it also held a “50 percent interest in the profit uplift of the polished proceeds of both stones, after costs.”“We are happy that both stones will be made in South Africa, and it is fitting that we will be collaborating with Stargems, who specialise in the procurement and supply of the best diamonds to consumers around the world,” Petra CEO Richard Duffy said.