Business
Improved Tender Prices Achiev
Improved Tender Prices Achiev.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n RNS Number : 6695C Petra Diamonds Ld 18 November 2009 \n \n\n\n\n\n\n\nImmediate Release\n\n\n18 November 2009\n\n\n\n\n\n\n\nPetra Diamonds Limited \n\nSale of 58 and 53 carat Cullinan white diamonds and Group tender update\n\n\nPetra Diamonds Limited (\"Petra\" or \"the Company\" or \"the Group\") announces that the two Cullinan white diamonds of 58 and 53 carats were sold in early November for US$2.8 million. The strong prices achieved bode well for the values that could be realised from the exceptional 507 and 168 carat white diamonds, which were recovered in the same production series at the Cullinan mine in September this year.\n\nPetra also announces an update with regards to the Group's tender prices for the last four months (since financial year end in June 2009), a period which has seen a consistent strengthening in rough diamond prices, especially at Cullinan, Koffiefontein and Williamson. \n\n\nHighlights:\n\n\nThe Company is very encouraged by the excellent prices achieved for the 58.49 and 53.31 carat white diamonds, which sold for US$1.82m and US$0.96m respectively\n\n\nPetra continues to assess the route to market for the 507.55 carat diamond in order to maximise revenues; expert analysis so far indicates that this stone is of exceptional colour and clarity\n\n\nThe 168.00 carat diamond will be sold on tender soon and the Company will announce the value realised in due course\n\n\nDiamond prices realised at Petra's tenders have continued to strengthen since the financial year end; the most recent tenders in October (Williamson) and early November (South African production) saw particularly strong prices \n\n\nPetra has sold a number of 'special' diamonds from the Cullinan and Koffiefontein mines in the last four months (with detail on these sales set out in the table below)\n\n\n\n\nJohan Dippenaar, Petra's CEO, commented:\n\n\"The rough diamond market has improved significantly in recent months, as evidenced by the strengthening of prices we have witnessed since early 2009. Our recent tenders have been particularly successful and this positive price environment bodes well for the sale of the exceptional 168 carat white Cullinan diamond, as well as for...