Rare blue diamond sells for $27.6m

Petra said the diamond was purchased by a partnership comprising itself and a polishing partner.

FILE: The exceptional 122.52 carat blue diamond recovered at Petra Diamondss mine in Cullinan, June 2014. Picture: Supplied.

JOHANNESBURG - London-listed Petra Diamonds Ltd said it sold a rare blue diamond found at its mine in South Africa for $27.6 million.

The company recovered the 122.52-carat diamond in June from its Cullinan mine, a site with a long and illustrious history of producing high-value stones.

Petra said the diamond was purchased by a partnership comprising itself and a polishing partner, who wished to remain anonymous.

The diamond miner will receive 85 percent of the agreed sale value, or $23.5 million, immediately and upon sale of the polished stone, Petra will receive 15 percent of the proceeds.