The company said that the stone is a D color Type II diamond with good size and clarity.

Petra Diamonds said: "The Company will update the market when finalized on the expected timing for the sale of this stone, which is expected to be in the second quarter of this financial year."

The latest development comes after the company recovered a 122.52ct blue diamond at the Cullinan mine in June.

Last month, it announced plans to commence the viewing process for the sale of the blue diamond.

Petra Diamonds initially bought a 37% stake in the Cullinan mine from De Beers in 2008 and increased its interest to 74% in late 2009 with the acquisition of Al Rajhi’s holding in the mine.

The company continues to mine the underground resource using block cave mining methods.

Image: The 232.08 carat white diamond is a D color Type II diamond. Photo: courtesy of Petra Diamonds Limited.