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Petra Diamonds Recovers 232.08 Carat Exceptional White Diamond

9th Sep 2014 06:47

LONDON (Alliance News) - Petra Diamonds Ltd Tuesday said it had recovered an "exceptional" 232.08 carat white diamond at its Cullinan mine in South Africa, the third exceptional find at the mine this year.

In a statement, the company said the latest big stone it has found is a D colour Type II diamond of "exceptional size and clarity". It expects to sell the stone in the second quarter of its financial year, which began July 1.

Type II diamonds have no measurable nitrogen impurities, meaning they are often of top quality in terms of colour and clarity.

Petra recovered an exceptional 122.5 carat blue diamond at the Cullinan mine in June, which is currently available for viewing by prospective buyers. It recovered a 29.6 carat blue diamond in February, which sold for USD25.6 million, or USD862,780 per carat, in February.

Cullinan, which Petra bought in 2008, frequently yields diamonds larger than 10 carats and has also produced just under 800 stones weighing more than 100 carats, over 130 stones weighing more than 200 carats, and around a quarter of all diamonds weighing more than 400 carats.

The Cullinan Heritage rough stone was recovered by Petra in 2009 and sold in February 2010 for USD35.3 million, the highest price on record for a rough diamond.

By Steve McGrath; [email protected]; @stevemcgrath1

Copyright 2014 Alliance News Limited. All Rights Reserved.


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