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Petra Diamonds Ltd - Sale of 299 carat diamond for US$12.18 million

·4-min read

5 March 2021

LSE: PDL

Petra Diamonds Limited
("Petra" or the "Company" or the “Group”)

Sale of 299 carat diamond for US$12.18 million

Petra Diamonds is pleased to announce that the 299.3 carat diamond recovered at the Cullinan diamond mine in January 2021 has been sold to Stargems DMCC for US$12.18 million.

This exceptional Type 11a white gem quality diamond mined from the Cullinan C-Cut adds to the most famous diamonds that have originated from this historic mine. The diamond achieved a price of US$40,701 per carat, which exceeds the US$34,386 per carat received for the 424.89 carat 'Legacy of the Cullinan Diamond Mine' in May 2019.


Richard Duffy, Chief Executive Officer, commented on the sale:

This is another significant sale for Petra Diamonds, following the sale of the Letlapa Tala Collection in November 2020, and a further endorsement of the quality of the Cullinan ore body which is known for its exceptional stones.”

Photos of the 299 carat diamond can be found at www.petradiamonds.com/media/image-library/diamonds.

~ Ends ~

For further information, please contact:

Petra Diamonds, London Telephone: +44 20 7494 8203
Marianna Bowes investorrelations@petradiamonds.com
Des Kilalea
Julia Stone

About Petra Diamonds Limited

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The Company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).

Petra's strategy is to focus on value rather than volume production by optimising recoveries from its high-quality asset base in order to maximise their efficiency and profitability. The Group has a significant resource base of ca. 243 million carats, which supports the potential for long-life operations.

Petra conducts all operations according to the highest ethical standards and will only operate in countries which are members of the Kimberley Process. The Company aims to generate tangible value for each of its stakeholders, thereby contributing to the socio-economic development of its host countries and supporting long-term sustainable operations to the benefit of its employees, partners and communities.

Petra is quoted with a premium listing on the Main Market of the London Stock Exchange under the ticker 'PDL' and is a constituent of the FTSE4Good Index. The Company’s US$650 million loan notes due in 2022, currently subject to restructuring, are listed on the Global Exchange market of the Irish Stock Exchange. For more information, visit www.petradiamonds.com.

About the Cullinan Mine

Located at the foothills of the Magaliesberg mountain range, 37 kilometres north-east of Pretoria in South Africa, the Cullinan Mine is one of the world's most celebrated diamond mines.

It earned its place in history with the discovery of the Cullinan diamond in 1905, the largest rough gem diamond ever found at 3,106 carats. This iconic stone was cut into the two most important diamonds which form part of the Crown Jewels in the Tower of London – the First Star of Africa, which is mounted at the top of the Sovereign’s Sceptre and which at 530 carats is the largest flawless cut diamond in the world, and the Second Star of Africa, a 317 carat polished diamond which forms the centrepiece of the Imperial State Crown.

The Cullinan Mine is renowned as a source of large, high-quality gem diamonds, including Type II stones, as well as being the world’s most important source of very rare blue diamonds.

Many of the most famous diamonds in the world herald from the Cullinan Mine and it continues to produce world-class diamonds under Petra’s stewardship. Notable diamonds historically produced from the Cullinan Mine include:

  • the Premier Rose (353 carats rough);

  • the Niarchos (426 carats rough);

  • the De Beers Centenary (599 carats rough);

  • the Golden Jubilee (755 carats rough); and

  • the Taylor-Burton diamond (69 carats polished).

More recently, remarkable diamonds recovered by Petra at the Cullinan Mine include:

  • the Cullinan Heritage (507 carats rough white diamond), sold for US$35.3 million in 2010;

  • the Blue Moon of Josephine (29 carats rough blue diamond), sold for US$25.6 million in 2014;

  • the Cullinan Dream (122 carats rough blue diamond), sold for US$25.3 million in 2016; and

  • the Legacy of the Cullinan Diamond Mine (424 carats rough white diamond), sold for just under US$15 million in May 2019.

  • a magnificent 20.08 carat Type IIb blue diamond sold for US$14.9 million (US$741,000 per carat) in November 2019.

  • The Letlapa Tala Collection of five blue diamonds, weighing 85.6 carats in total, sold as a suite of stones for US$40.36 million in November 2020.

More information on the Cullinan Mine’s unique heritage can be found at

https://www.petradiamonds.com/about-us/our-heritage/.

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