Petra Diamonds Discovers 121 Carat White Diamond at Cullinan Mine

- June 24th, 2016

Shares of the company rose 11.3 percent over a one-week period to $113.16, and have gained 29.43 percent year-to-date.

Earlier this week, Petra Diamonds (LSE:PDL) announced the recovery of a 121.26 carat white diamond at its Cullinan mine in South Africa.
The company reported the stone is a Type II diamond of “exceptional colour and clarity and is an outstanding example of the large, high quality diamonds for which the mine is known.”
However, Petra said the diamond won’t be sold until the last tender of its 2016 financial year, currently underway in Johannesburg, but has yet to provide a value estimation for the gem.
This isn’t the first time the company has unveiled a massive diamond: in September 2014, Petra unveiled the largest-ever blue diamond, which was discovered at the same mine, at an impressive 122.52 carats.
The blue diamond, dubbed the Cullinan Dream, recently sold for $25.37 million by Christie’s in New York. The mine had previously sold the rough blue diamond into a cutting and polishing partnership in September 2014 for $23.5 where it was cut into four diamonds.
Shares of the company rose 11.3 percent over a one-week period to $113.16, and have gained 29.43 percent year-to-date.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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