Petra Diamonds fetches $15m for 425-carat legacy diamond

The “Legacy of the Cullinan Diamond Mine” diamond (left) was found in March. (Image courtesy of Petra Diamonds.)

South Africa’s Petra Diamonds (LON:PDL) has sold its 425-carat “Legacy of the Cullinan Diamond Mine” diamond to Belgium-based Stargems Group and Choron BVBA for $15 million.

The exceptional D colour Type IIa gem was recovered in March from the company’s iconic Cullinan mine, the same that yielded the Cullinan diamond — at 3,106 carats the largest rough diamond ever found and which today is part of the  British Crown Jewels.

Petra, which recently appointed former gold miner Richard Duffy as chief executive, has been seeking to turn around its fortunes after piling up debt to expand Cullinan.

The mine, however, has been profitable every year since the company acquired it in 2008 and it’s expected to generate free cash flow this year.