Reuters: Hot Stocks: Petra says recovers rare 25.5 carat blue diamond, shares rise

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Petra says recovers rare 25.5 carat blue diamond, shares rise Apr 17th 2013, 08:13 April 17 | Wed Apr 17, 2013 4:13am EDT April 17 (Reuters) - Miner Petra Diamonds said it recovered a high-quality 25.5-carat blue diamond at its Cullinan mine in South Africa, sending its shares up as much as 5 percent. Blue diamonds are extremely rare and Petra's Cullinan mine has produced some that have fetched hefty prices, including a 26.6-carat rough stone that yielded an internally flawless 7-carat polished stone and sold for $9.49 million in May 2009. "If this is anything to go by, a similar number may be expected to go straight to the bottom line," Numis Securities' Cailey Barker said. Last November, a flawless deep-blue diamond from Cullinan, which weighed 10.48 carats and was about the size of an almond, was auctioned for 10.27 million Swiss francs ($10.8 million) and set a world record for a blue diamond per carat. Petra's shares were up 1 percent at 108.3 pence at 0809 GMT on Wednesday on the London Stock Exchange. ($1 = 0.9497 Swiss francs) (Reporting by Brenton Cordeiro in Bangalore; Editing by Roshni Menon)

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