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Blue 112.5-Carat Diamond Found by Petra Seen Raising $50 Million

A blue 122.5-carat diamond found by Petra Diamonds Ltd. may sell for $35 million to $50 million, in a conservative estimate, Numis Securities Ltd. said.

“If it comes back from analysis as ‘fancy vivid’ color, then it could blow the roof off,” Numis said today in a note.

Petra found the stone at its Cullinan mine in South Africa, it said in a statement last week. The mine is where the world’s largest diamond was discovered 109 years ago and is renowned for the blue stones sold at a premium. Jersey, Channel Islands-based Petra sold a 29.6-carat blue gem for $25.6 million in February.

The company said last week the stone won’t be sold before its current fiscal year ends on June 30. It declined to estimate the value of the diamond when contacted by Bloomberg today.

“Whatever the value, the figure will go straight to the bottom line for Petra’s full-year 2015 financials, giving another boost to earnings, taking further pressure off the balance sheet and providing further confirmation of upside for the stock,” Numis Securities said in its note to investors.

The world’s biggest certified diamond is the 3,106-carat Cullinan, found at the mine near Pretoria in 1905. It was cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain.

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