24th Mar 2016 12:45
LONDON (Alliance News) - Petra Diamonds Ltd on Thursday said it has recovered and sold an exceptional 32.33 carat pink diamond from the Williamson mine in Tanzania for USD15 million.
The sale price averages out to USD463,965 per carat, and Petra also retains an interest in the polished proceeds, receiving 10% of the value uplift. That means Petra will receive 10% of any proceeds generated from the sale of the diamond once it is polished above the value of USD15.0 million.
The diamond was bought by Golden Yellow Diamonds on behalf of MA Anavi Diamond Group, a specialist manufacturer in large and unique coloured diamonds.
To put the value of the sale into some form of perspective, Petra sold a 23.16 carat pink stone that was recovered from the Williamson mine late last year which sold for over USD10.0 million, averaging USD433,938 per carat.
When that smaller pink stone was recovered in November, Petra said it was the "most significant recovery" made by the company at the Williamson mine to date, suggesting the larger pink diamond sold on Thursday has trumped that previous stone.
However, Petra also managed to retain a 20% interest in the sales proceeds from the sale of the polished pink diamond that was auctioned off late last year, and that was also sold to the same buyer, MA Anavi Diamond Group.
Petra shares were trading up 1.6% to 109.25 pence per share on Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews. Updated by Joshua Warner; [email protected]; @JoshAlliance
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