Petra Sells 122.52-Ct Blue Diamond For $27.6 Million
September 17, 14
The stone was sold to a beneficiation partnership comprising Petra (15 percent) and its polishing partner (85 percent) who wishes to remain anonymous. The polishing partner will settle its 85 percent of the agreed rough sales partnership value ($23.5 million) immediately and Petra will record this sum as revenue in its Q1 FY 2015 results. The stone will be cut and polished and upon sale of the polished stone, Petra will receive its 15 percent share of the proceeds, after beneficiation and related expenses. Johan Dippenaar, CEO of Petra, commented: “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." He added that further information regarding the stone’s will be provided in the future.
