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Petra Diamonds fancy blue vivid diamond named "Star of Josephine"

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Petra achieves record diamond price

Miningmx reporter | Wed, 13 May 2009 12:20
[miningmx.com] -- PETRA Diamonds sold a seven carat blue diamond for a record $9.5m at an auction in Geneva.

The diamond came from the Cullinan mine, which Petra and a group of other investors bought from De Beers. It was cut from a 26.58 carat rough discovered in 2008 at the mine.

The cut and polished diamond, which is described as a fancy, vivid-blue, internally flawless, cushion-shaped diamond, was sold to an anonymous bidder participating in the Sotheby’s auction.

The price works out to nearly $1.35m per carat.

This price has surpassed the world record price per carat achieved for any gemstone at auction, which was formerly held by a 3.73 carat, fancy vivid blue pear-shaped diamond which sold for US$1,328,444 per carat at a Sotheby’s auction in May 2008, Petra said.

Petra has set a target of achieving production of a million carats or more by June this year. It has grown aggressively, snapping up diamond mines deemed non-core by De Beers in South Africa and Tanzania.




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