Petra Diamonds Unearths 232 carat diamond

Petra Diamonds Unearths 232 carat diamond

London based Petra Diamonds has recently found a 232 carat white diamond D color type II in its Cullinan mine, northeast of Pretoria. Experts believe that exceptional diamond could be worth up to $15 million.

This mine is well known for finding and producing large sized diamonds of exceptional quality, which includes the famous 3,100 carat Cullinan Diamond found in 1905, this is the largest rough gem diamond ever found. The Cullinan Diamond was then cut into stones that are now a part of Britain’s crown jewels.

“The stone is … of exceptional size and clarity, and is a magnificent example of the large, high quality diamonds for which the mine is known,” Petra Diamonds said in a statement.

“We estimate a sales price in the order of $10 million to $15 million, given Gem Diamonds’ recent sale of Type II white at about $70,000 per carat and assuming some losses for cutting/polishing,” Numis Securities analysts said in a statement.
Immediately after the company announced it’s finding on Tuesday, Petra’s stock price jumped up 8%.

The company expects that the no measurable nitrogen impurity diamond to be sold roughly in the months of October – December.