Fin24

Petra's blue diamond fetches record price

2011-12-21 09:46

London - Petra Diamonds has sold a 4.8 carat blue diamond for $1.45m, the highest amount it has achieved per carat for any rough diamond, the company said on Wednesday ahead of its move up to London’s main stock market.

The blue diamond, sold in the most recent tender in early December at over $300 000 per carat, was produced from South Africa’s famous Cullinan mine. The Cullinan Diamond, set in the crown jewels worn by British monarchs, was discovered there in 1905 and the mine is the world’s only significant source of rare and highly valuable blue diamonds.

The company said it was confident the price paid per carat was one of the highest ever for an uncut diamond.

Petra will start trading on the main market on Wednesday after moving up from the junior AIM market. The African-focused diamond producer hopes to be included in the FTSE 250 index next March.