HomeDiamonds & GemstonesPetra diamond may fetch US$31 million

Petra diamond may fetch US$31 million

The spectacular
507-carat white diamond
recovered at Cullinan
London, England — MININGREVIEW.COM — 01 December 2009 – Petra Diamonds Limited “’ one of the world’s largest independent diamond groups by resources “’  may receive as much as US$31 million (R231 million) for the chicken-egg-sized diamond it unearthed in September.

Petra “’ which has just sold a 168-carat gem found at its Cullinan mine in South Africa for US$6.28 million (R47.1 million), or US$37 380 (R280 350) a carat “’ may get 50% more per carat for the larger stone, BMO analyst Edward Sterck has written in a research note.

The 507.6-carat stone “’ the size of a medium chicken egg and weighing more than 100 grams (3.53 ounces) “’ may be among the 20 largest “high quality” rough diamonds discovered, according to Petra. The company sold two other white diamonds discovered at its Cullinan mine for US$2.8 million (R21 million) this month.

“It’s too early to say how much the diamond is worth, and Petra has still to decide how it will sell the diamond,” spokesman Bobby Morse said by phone from London.

The world’s biggest certified diamond is the 3 106-carat Cullinan, found at the mine near Pretoria in 1905. It was cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain.