Petra Diamonds sells Calibrated Diamonds to Gem

Africa-focused Petra Diamonds (PDMDF-O, PDL-l) has sold Calibrated Diamonds Investment Holdings to Gem Diamonds (GEMD-l) for US$5.9 million.

Calibrated Diamonds was acquired by Petra in 2006 with the objective of using Calibrated’s diamond processing technology.

As part of the agreement, Petra will have access to the facilities Gem Diamonds is currently building in Mauritius and Dubai, provided they’re not needed for Gem’s rough production. Petra will pay commercial rates to use the facilities.

Gem Diamonds’ processing facility in Mauritius will use advanced laser-cutting technology for rough diamonds between 3 and 10 carats, while the one in Dubai will employ diamond mapping and analyzing technology for larger diamonds weighing more than 10 carats.

Petra will also have access to the Calibrate technology if it decides to establish its own processing company.