Petra Diamonds fetches $15m for 425-carat legacy diamond
South Africa’s Petra Diamonds (LON:PDL) has sold its 425-carat “Legacy of the Cullinan Diamond Mine” diamond to Belgium-based Stargems Group and Choron BVBA for $15 million.
The exceptional D colour Type IIa gem was recovered in March from the company’s iconic Cullinan mine, the same that yielded the Cullinan diamond — at 3,106 carats the largest rough diamond ever found and which today is part of the British Crown Jewels.
Petra, which recently appointed former gold miner Richard Duffy as chief executive, has been seeking to turn around its fortunes after piling up debt to expand Cullinan.
The mine, however, has been profitable every year since the company acquired it in 2008 and it’s expected to generate free cash flow this year.
More News
China’s mining investment under Belt and Road Initiative sets new record – report
China's overseas mining investment under its Belt and Road Initiative hit another peak last year at $21.4 billion.
March 29, 2025 | 10:26 pm
Column: Europe’s future metals strategy hindered by current crisis
Chinese over-capacity and high energy prices have accelerated the long-term decline of European steel and aluminum production.
March 29, 2025 | 02:25 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments