Business
Sale of 299 carat diamond for US$12.18 million
Sale of 299 carat diamond for US$12.18 million.
About this update from Petra Diamonds Limited
[{"type":"text","content":"\n \n \n \n \n 5 March\n 2021\n \n \n LSE: PDL\n \n \n \n \n Petra Diamonds Limited\n \n(\"Petra\" or the \"Company\" or the “Group”)\n Sale of 299 carat diamond for US$12.18 million\n Petra Diamonds is pleased to announce that the 299.3 carat diamond recovered at the Cullinan diamond mine in January 2021 has been sold to Stargems DMCC for US$12.18 million.\n This exceptional Type 11a white gem quality diamond mined from the Cullinan C-Cut adds to the most famous diamonds that have originated from this historic mine. The diamond achieved a price of US$40,701 per carat, which exceeds the US$34,386 per carat received for the 424.89 carat 'Legacy of the Cullinan Diamond Mine' in May 2019.\n \n \n Richard Duffy, Chief Executive Officer, commented on the sale:\n \n “This is another significant sale for Petra Diamonds, following the sale of the Letlapa Tala Collection in November 2020, and a further endorsement of the quality of the Cullinan ore body which is known for its exceptional stones.”\n Photos of the 299 carat diamond can be found at www.petradiamonds.com/media/image-library/diamonds.\n ~ Ends ~\n For further information, please contact:\n \n Petra Diamonds, London Telephone: +44 20 7494 8203\nMarianna Bowes [email protected]\nDes Kilalea\nJulia Stone\n About Petra Diamonds Limited\n Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).\n Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 243 million carats, which supports the potential for long-life operations.\n Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting ...