Friday the 13th wasn’t an unlucky day for Petra Diamonds Ltd.
On Friday, the company announced the recovery of another big blue rough diamond, this one a 122.52-carat stone found at the Cullinan mine in South Africa, which is considered one of the world’s top sources of blue diamonds.
Petra did not make any definitive statements about the stone’s quality, stating only that it would require further analysis to assess its potential value and optimal route to market. Because of this, the mining company said it does not expect to sell the diamond before the close of its fiscal year on June 30.
Petra acquired the Cullinan mine in 2008. Since that time, it has produced four rough blue diamonds that were 25 carats or larger. Petra is calling the rough diamond an “exceptional” find. “The rarity of a blue diamond of this magnitude sets it apart as a truly significant find,” the company said in a statement.
“So far, the highest price on record paid for a rough diamond was $35.3 million, paid in February 2010 for a 507 carat white stone, also recovered from Cullinan. We think that this stone may break that record,” finnCap analyst Martin Potts said.
The Cullinan mine boasts the largest rough gem diamond ever recovered, the 1905, 3,106-carat Cullinan Diamond, which was cut into two stones that are part of Britain’s Crown Jewels held in the Tower of London.
Other notable diamonds discovered at the mine are the 25.5 carat Cullinan blue diamond found in 2013 and sold for $16.9 million, and the Star of Josephine diamond found in 2008 and sold for $9.49 million.
The company’s stock has risen 13 percent since its blue diamond sale in February.
Petra Diamonds CEO Johan Dippenaar holding the diamond.
Close up of the 122.52 carat blue diamond.
Based in London, Petra is a publicly traded diamond mining company listed on the London Stock Exchange. In addition the Cullinan mine, the company has five other producing mines in South Africa: the Finsch, Koffiefontein, Kimberley Underground and Helam. In addition, Petra operates the Williamson mine in Tanzania and maintains an exploration program in Botswana.