Diamond Sale

RNS Number : 1799D

Petra Diamonds Ld

27 November 2009

 



Immediate Release

27 November 2009

Petra Diamonds Limited

("Petra Diamonds" or "the Company")

Exceptional 168 carat white Cullinan diamond sold for US$6.28 million

Petra Diamonds announces that the 168.00 carat special white diamond recently recovered at the Cullinan mine in South Africa was sold on 26 November for US$6.28 million (approximately US$37,380 per carat).

This stone, which was sold to an undisclosed buyer, is of exceptional colour and quality and was recovered in the same production series as three other special diamonds: the 507.55 carat white diamond (which has not been offered for sale yet, as the Company considers the best route to market in order to maximise value) and two diamonds of 58.50 and 53.30 carats, which were sold in November for a total of US$2.8 million. 

The Cullinan mine is renowned as a source of large, high-value diamonds and in its history has produced more than 300 diamonds of over 100 carats and a quarter of all the world's diamonds over 400 carats.

Johan Dippenaar, CEO of Petra, commented:

"I am delighted to announce the sale of this special white diamond from Cullinan. The interest in the stone was very high, as was the case with the two smaller (53 and 58 carat) rough diamonds sold in mid November, and the three diamonds have together achieved a total sales value of just over US$9 million."

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For further information, please contact:

Cathy Roberts	Telephone: [phone]
Petra Diamonds, London	[e-mail]

Bobby Morse / James Strong	Telephone: [phone]
Buchanan Communications	[e-mail] / [e-mail]

James Duncan / Nicola Taylor	Telephone: [phone]
Russell & Associates	[e-mail] / [e-mail]

Mike Jones / Ryan Gaffney	Telephone: [phone]
Canaccord Adams	[e-mail] [e-mail]

About Petra Diamonds

Petra Diamonds is a leading supplier of rough diamonds. A number of acquisitions have established Petra as one of the world's largest independent diamond groups by resources, with a total resource base of 262 million carats. Petra increased its annual production fivefold in the year to June 2009 to over 1 million carats and the Company's objective is to continue to increase supply and develop its stature as a world-class diamond group.

In South Africa, Petra has interests in five producing mines - Cullinan, Koffiefontein, Helam, Sedibeng and Star - and has also agreed to acquire, from De Beers, the Kimberley Underground mines (this acquisition is expected to complete imminently). In Tanzania, Petra has an interest in the Williamson mine. These mines are noted for the production of valuable diamonds, but in particular the Cullinan mine is famed as the source of the largest rough gem diamond ever found. More recently an internally flawless, fancy vivid blue diamond of 7.03 carats from the Cullinan mine sold for US$9.4 million in May 2009, the highest price per carat ever paid for any gemstone sold at auction, and a white diamond of over 507 carats was recovered in September 2009. 

Petra conducts all its operations according to the highest ethical standards, and will only work in countries which are members of the Kimberley Process.

The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL).

www.petradiamonds.com

 

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