Petra Diamonds sells exceptional 168 carat white Cullinan diamond
27 November 2009
Diamond mining group Petra Diamonds has sold the 168.00 carat special white diamond recently recovered at the Cullinan mine in South Africa for US$6.28 million (approximately US$37,380 per carat).
The stone 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, 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.
Last week, Petra announced that it wanted to increase its stake in the mine by buying out its partner, Al Rajhi Holdings. In an option deal which expires on December 18, Petra has the chance to take its holding in the mine from 37% to 74% in return for £28.8 million worth of shares and US$35 million in cash plus the assumption of company loans.
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