Huge Blue Diamond Helps Drive Surge in Petra Sales

(IDEX Online) - Petra reported a 64% surge in sales for Q3 2026, driven largely by larger, higher‑value parcels from its Cullinan mine, in South Africa, and by the sale of a 41.82 carat Type IIb blue diamond (pictured) that was recovered there last December.

The UK-based miner said details of the blue diamond deal remained confidential, but confirmed the stone  would be cut and polished in South Africa.

For context, Petra sold a 14.76-carat blue stone, of "exceptional color and clarity" last April for $8.2 million and in July 2021 it sold a 39.34-carat blue diamond for $40.18million.

Petra will receive an initial consideration linked to the value of the rough diamond and retains "a significant economic interest in the profit realised from the sale of the polished stone, which could take c. 12 months to materialise."

The company sold 781,797 carats during Q3 2026, up 40% year-on-year and 58% compared with the previous quarter.

Total sales were up 64% year-on-year, from $42m to $68m, and up 39% on the previous quarter, according to its Sales Results for Q3 FY 2026, published on 1 April.

Revenue for the Cullinan mine was up 117% year-on-year, while sales at Petra's other mine, Finsch, were down 5%.

The average price for Q3 2026 was $87 per carat, down 11% on the previous quarter.

Pricing was affected by a 15% reduction in like-for-like prices across all product sizes, the company said, partly offset by an improved product mix that contributed to an increase of 4%.

In a statement joint CEOs Vivek Gadodia and Juan Kemp said: "While the overall market remains challenging, especially in the smaller sized segments, recovering a sizeable, exceptional quality diamond demonstrates the quality of Cullinan Mine's significant resource.

"The agreement we have reached on this blue stone will enable leveraging considerable experience in the manufacturing and sale of polished diamonds to extract maximum value for Petra while also allowing for the cutting and polishing of this stone in South Africa and we look forward to seeing the ultimate outcome of this magnificent gem."