Petra Diamonds announced on Tuesday that the 122.52 carat blue diamond recovered from the Cullinan mine in June has been sold for a value equivalent to $27.6 million.

The diamond dubbed ‘blue moon’ was sold to a beneficiation partnership comprising Petra and its polishing partner, making a up a 15% an 85% stake for Petra and the undisclosed partner, respectively.

Excellent sales value

“We are pleased to have concluded this arrangement which records an excellent sales value for the rough stone, and also gives Petra exposure to the uplift in value post beneficiation. We look forward to providing the market with further information on the stone’s journey at the appropriate time in the future,” states Petra CEO Johan Dippenaar.

The polishing partner will immediately settle its agree rough sales partnership value of $23.5 million announced Petra

Revenue addition

Petra said it would record this sum as revenue in its Q1 FY2015 results.

The stone will be cut and polished and upon sale of the polished, Petra will receive its 15% share in the proceeds, after beneficiation and related expenses.

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