Petra sells The Cullinan Heritage

Finance

Publishing Date: 26 Feb 2010 12:55pm GMT
Author: Mining Journal

Petra Diamonds Ltd has sold the 507ct Cullinan Heritage stone for US$35.3 million, the highest recorded price ever achieved for a rough diamond.

The diamond was sold on tender in South Africa, and was purchased by Chow Tai Fook Jewellery Co Ltd in Hong Kong. Petra said that Chow Tai Fook had not yet advised the company of its plans for the diamond.

The price achieved for the Cullinan Heritage reflects the incredible rarity of the diamond, which combines its remarkable size with exceptional colour and clarity, the company said. At 507.5 ct it is the 19th largest gem ever discovered.

The Cullinan Heritage was recovered in September 2009 from Petra’s Cullinan mine in South Africa, which has produced many of the world’s most famous diamonds.

Proceeds from the sale of the Cullinan Heritage will add to Petra’s treasury and give the company further flexibility in funding development of the underground operations at Cullinan, and an expansion project at the Williamson mine.

Petra chief executive officer Johan Dippenaar said: "it is fitting that the Cullinan Heritage should achieve a record sale price."

"It has the potential to produce one of the world’s most important polished gems. The sale proceeds further bolster Petra’s treasury and will be invested in the growth of our core assets," he said.