Petra sells 121.2- carat diamond for $6 million

London-listed Petra Diamonds (LON:PDL) has sold its recently found 121-carat white diamond for $6 million as part of its June sales process in Johannesburg.

The diamond was found at Petra's Cullinan mine in South Africa, which has yielded several massive gems, including the largest rough gem diamond ever discovered.

The stone, a Type II unearthed from the company’s Cullinan mine in South Africa, was acquired by a joint venture comprised of Nemesis International and Golden Yellow Diamonds, two large diamond manufacturing specialists, Petra said.

The Cullinan mine, located north-east of Pretoria, has yielded several massive gems, including the largest rough gem diamond ever discovered — the Cullinan. The 3,106-carat stone was cut into two highly significant diamonds, which can be found in the Crown Jewels of the Queen of England.

Petra, which operates four diamond mines in South Africa and one in Tanzania, posted a loss for the first half of its financial year in February, due to fewer sales demand and a glut of supply that pushed rough diamond prices down by 9%.

Petra sells 121.2- carat diamond for $6 million

Petra’s iconic Cullinan mine in South Africa. (Image courtesy of Petra Diamonds)