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Cullinan Blue Could Fetch $15M, Analysts Say

Petra Diamonds to hold tender in Johannesburg next month.
Oct 7, 2019 8:17 AM   By Rapaport News
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RAPAPORT... Petra Diamonds will offer a 20.08-carat blue diamond at a special tender in Johannesburg next month, with analysts predicting the rough could attract $15 million.

The miner recovered the type IIb, “exceptional” gem-quality stone at its Cullinan deposit in South Africa last month. It has not given any further information on the diamond’s quality.

“We expect this stone to fetch a good price — we are hoping for at least $13 million to $15 million — despite the rough market’s well-publicized travails,” wrote Shore Capital’s Yuen Low in a note Monday. “If this proves the case, it should provide a welcome, significant boost to [Petra’s fiscal-year] 2020 profits.”

Investment bank Berenberg estimated the rough at $10 million to $15 million, based on prices Petra achieved for similar goods from Cullinan in 2013 and 2014. In 2013, it sold a 25.50-carat blue diamond for $663,144 per carat, while the following year it garnered $862,780 per carat for a 29.62-carat stone of the same color.

“The fact that Petra is holding a special tender for this diamond, coupled with some updated pictures, indicates to us that there is significant upside in the value of the stone, and that there is some potential for this diamond to sell for a value similar to those blues,” Berenberg analysts said.

Viewings of the 20.08-carat diamond will run from November 1 to 7 at Petra’s marketing offices in Johannesburg. The tender will take place at the city’s Diamond Exchange and Export Centre, beginning on November 8 and closing at 12 p.m. on November 15.

Image: The 20.08-carat blue diamond. (Petra Diamonds)
Tags: Berenberg, blue diamonds, Cullinan, Cullinan Mine, Diamond Exchange and Export Centre, Johannesburg, mining, petra, Petra Diamonds, Rapaport News, rough, Rough Diamonds, rough market, Shore Capital, Yuen Low
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