LONDON, June 13 Petra Diamonds Ltd said
it had recovered an "exceptional" 122.52 carat blue diamond at
its Cullinan mine in South Africa, just months after it sold a
29.6 carat blue diamond from the same mine for more than $25
"The rarity of a blue diamond of this magnitude sets it
apart as a truly significant find," the company said in a
Shares in the diamond miner rose almost 7 percent to a year
high in early trading, making them the top percentage gainers on
the FTSE-250 Midcap Index.
Petra, which acquired the famed diamond mine in 2008, said
it would evaluate the optimal route to market for the stone
after a further analysis to assess its potential value.
"So far, the highest price on record paid for a rough
diamond was $35.3 million, paid in February 2010 for a 507 carat
white stone, also recovered from Cullinan. We think that this
stone may break that record," finnCap analyst Martin Potts said.
The Cullinan mine boasts the largest rough gem diamond ever
recovered, the 1905 Cullinan Diamond, which was cut into two
stones that are part of Britain's Crown Jewels held in the Tower
Other notable diamonds discovered at the mine are the 25.5
carat Cullinan blue diamond found in 2013 and sold for $16.9
million, and the Star of Josephine diamond found in 2008 and
sold for $9.49 million.
Petra said the diamond would not be sold in the company's
current financial year ending June 30.
The company's stock, which has risen 13 percent since its
blue diamond sale in February, were up 6.8 percent at 178.6
pence at 0713 GMT.
(Reporting by Roshni Menon; Editing by Sunil Nair)