A bit of good news for Petra Diamonds investors, who showed their disappointment earlier this week when the company failed to raise the price it expected for a rare 122.52-carat blue diamond.
The company's shares opened 0.3 per cent lower on Tuesday morning after the gem raised just $28m (£16.9m) at auction, rather than the $35-$50m analysts had been hoping for. Although Petra retained a stake in the gem, selling 85 per cent of the diamond to an anonymous polishing partner, and the two will sell the stone together.
From the report:
Post Year end, Petra announced a sales and beneficiation agreement for the 122 carat blue diamond recovered at Cullinan, valuing the stone at $27.6m; Petra will record $23.5m (being the polishing partner's payment for a 85 per cent interest) in Q1 FY 2015 and will receive a 15 per cent share in the net proceeds of the polished yield, after beneficiation and related expenses.
Petra has another incredibly valuable stone on the table: a less-rare but larger white diamond of 232 carats. It was, Petra said, of exceptional size, colour and clarity."