Petra finds “exceptional” 122.52 carat blue diamond in Cullinan mine
"The rarity of a blue diamond of this magnitude sets it apart as a truly significant find," the company said in a statement.
Shares in the diamond miner rose almost 7 percent to a year high in early trading, making them the top percentage gainers on the FTSE-250 Midcap Index
Petra, which acquired the famed diamond mine in 2008, said it would evaluate the optimal route to market for the stone after a further analysis to assess its potential value.
Other notable diamonds discovered at the mine are the 25.5 carat Cullinan blue diamond found in 2013 and sold for $16.9 million, and the Star of Josephine diamond found in 2008 and sold for $9.49 million.
Petra said the diamond would not be sold in the company's current financial year ending June 30.
The company's stock, which has risen 13 percent since its blue diamond sale in February, were up 6.8 percent at 178.6 pence at 0713 GMT.