Petra Finds 39-Carat Rough Blue Diamond at Cullinan

SourcingApr 06, 2021

Petra Finds 39-Carat Rough Blue Diamond at Cullinan

The Type IIb stone is of “exceptional quality” in terms of both color and clarity, the miner said.

Petra Diamonds announced the recovery of this 39.34-carat blue diamond from the Cullinan mine in South Africa, which it said is of “exceptional quality” in terms of both color and clarity.
London—Petra Diamonds Ltd. has another big blue diamond in its inventory. 

The diamond miner announced Thursday its recovery of a 39.34-carat Type IIb rough blue diamond of “exceptional quality” in terms of both color and clarity from the Cullinan mine in South Africa. 

The company said it expects to sell the diamond via a special tender. 

 Related stories will be right here … 

The Cullinan mine was originally called Premier but was renamed in homage to the famous 3,106-carat rough diamond of the same name that came from there.

A former De Beers property that has been operating since the early 1900s, Cullinan is known for producing large stones and blue diamonds.

In fact, another big diamond came from the mine earlier this year—Petra said it recently sold a 299.3-carat diamond recovered at Cullinan in January to Stargems DMCC for $12.18 million.

In addition to Cullinan, Petra Diamonds also owns Finsch and Koffiefontein in South Africa and Williamson, a currently mothballed open-pit mine in Tanzania.

The miner just completed its debt-for-equity restructuring, which it started after being unable to find a buyer after putting itself up for sale. 

That involved its $650 million bond debt being replaced by $337 million in new notes—$30 million from existing debtholders and the rest converted into equity.

Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

AuctionsApr 16, 2021
Try On This Diamond and Pearl Tiara Before It Heads to Auction

Sotheby’s created an Instagram filter for the crown, estimated to sell for up to $1.5 million.

SurveysApr 16, 2021
March Retail Sales Surge

Another round of stimulus checks helped to bolster last month’s retail sales.

CollectionsApr 16, 2021
Supplier Kim International Revives its Catalog

It showcases 2021 and 2022 styles, with most ready to ship from Dallas, Texas.

Brought to you by
4 Reasons You Need This Program for Mother’s Day

Learn how to increase customer loyalty and revenue by making JM™ Care Plan a cornerstone of your business plan.

TrendsApr 16, 2021
Piece of the Week: Anthony Lent’s ‘Lunar Galaxy’ Earrings

Colorful gems enliven a classic celestial motif.

Weekly QuizApr 16, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of April 12-16, 2021.
Take the Quiz
TechnologyApr 15, 2021
Blue Nile Hires Amazon, Timex Execs

The jewelry retailer named a new chief operating officer and senior vice president of supply chain.

CollectionsApr 15, 2021
Check Out Stone and Strand’s First Bridal Collection

All six styles are priced under $2,000.

Brought to you by
Evaluating Your Inventory For Success in 2021 

After months of pandemic-driven social distancing, restrictions and lock-downs, consumers will be excited to visit your store. Now is the time to ensure you have the right inventory on-hand to capitalize on that excitement!

GradingApr 15, 2021
GCAL Introduces Its New Cut Grade Standard, 8X

Diamonds must receive a grade of “excellent” across eight criteria to be deemed an 8X.