Petra Sells 425ct. Diamond for $15M

RAPAPORT… Petra Diamonds sold a 425-carat white diamond from its
Cullinan mine in South Africa for just under $15 million, it said Tuesday.



“This is a significant sale for Petra Diamonds and an
endorsement of the quality not only of the Legacy diamond, but also the
Cullinan ore body itself, which is known for its exceptional stones,” said
Petra CEO Richard Duffy.


The D-color, type II, gem-quality stone, named the Legacy
of the Cullinan Diamond Mine, was sold to a partnership comprising Dubai-based Stargems Group and Belgium-based Choron.


“The Cullinan diamond mine has produced some of the most
iconic diamonds the world has ever seen, and, as a key client of Petra
Diamonds, we are honored to have the opportunity to polish the Legacy of the
Cullian Diamond Mine,” added Shailesh Javeri, chairman of Stargems.


Petra unearthed the stone in March from the deposit’s C-Cut,
a higher-value area of the mine. At the time, various analysts estimated the
selling price anywhere from $8 million to $35 million, with BMO Capital Markets
forecasting approximately $15 million.

Image: The Legacy of the Cullinan Diamond Mine. (Petra Diamonds)