Petra CEO admires
the 507-carat white
diamond recovered
at Cullinan
 
London, England — MININGREVIEW.COM — 18 November 2009 – Petra Diamonds Limited “’ one of the world’s largest independent diamond groups by resources “’ has announced the sale of  two Cullinan white diamonds of 58 and 53 carats for US$2.8 million (almost R21 million).

Confirming this in a statement issued here, the company said the strong prices achieved boded well for the values that could be realised from the exceptional 507 and 168 carat white diamonds, recovered in the same production series at the Cullinan mine in September this year.

Petra also announced an update with regard 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 the Cullinan, Koffiefontein and Williamson mines.

The company said it was very encouraged by the excellent prices achieved for the 58.49 and 53.31 carat white diamonds, which sold for US$1.82 million (R13.5 million) and US$0.96 million (R7.1 million) respectively. It was continuing to assess the route to market for its 507.55 carat diamond in order to maximise revenues; expert analysis so far indicated that this stone was of exceptional colour and clarity.
 
The statement added that the 168.00 carat diamond would be sold on tender soon, and the company would announce the value realised in due course

Diamond 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.

Petra CEO Johan Dippenaar commented: “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 our exceptional 168 carat white Cullinan diamond, as well as for the overall earnings of our operations as we continue to increase Group production.”