Petra Diamonds has sold the 342.92 carat Type IIa white diamond and an 18.30 carat Type IIb blue diamond, both recovered at the Cullinan Diamond Mine in South Africa, into a partnership with Stargems.
The company said it received an upfront payment of $10 million for the 342.92 carat stone and $3.5 million for the 18.30 carat stone, as well as retaining a 50% interest in the profit uplift of the polished proceeds of both diamonds, after costs.
“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,” said company chief executive Richard Duffy.
“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.”
Stargems is a Johannesburg-based subsidiary of Stargems Group, an international and vertically integrated diamond company, and is a diamond beneficiation licensee, allowing for the two diamonds to be cut and polished in South Africa.