Petra Diamonds Sell Recently Recovered 299-carat White Rough Diamond for USD 12.18 Million

London-listed Petra Diamonds Ltd, owners of the historic Cullinan Diamond Mine in South Africa, announced on 5th March, 2021, the sale at their Antwerp Tender, of a top-quality, 299.3-carat, white rough diamond recovered at their Cullinan mine in January, 2021, for a staggering US$12.18 million, to Stargems DMCC, Dubai-based arm of the Antwerp diamond supplier.

299-ct white rough diamond recovered at cullinan Jan 2021
299-ct white rough diamond recovered at cullinan Jan 2021

The exceptional Type IIa, D-Color, white gem-quality rough diamond was mined from the Company’s iconic Cullinan mine, the same mine that yielded the renowned 3,106-carat Cullinan Diamond , the largest rough diamond ever recovered, and whose satellite diamonds are now part of the British Crown Jewels. However, the present 299-carat rough diamond was recovered from Cullinan’s C-Cut Area, a high-value extension of the old deposit.

another view of the 299ct white diamond
another view of the 299ct white diamond

The 299.3-carat rough diamond sold for US$ 12.18 million, which works out to US$ 40,701 per carat. The 424.89-carat “Legacy of the Cullinan Diamond Mine” recovered in March 2019 and sold in May 2019 to the same Stargems Group and Choron BVBA for US$ 15 million, gives a price-per-carat value of US$ 34,386. Thus, the 299.3-carat rough diamond have achieved a price-per-carat value exceeding that of the 424.89-carat “Legacy of the Cullinan Diamond Mine.”

424.89 carat D-Colour Type-IIa "Legacy of the Cullinan Diamond Mine" rough diamond
424.89 carat D-Colour Type-IIa “Legacy of the Cullinan Diamond Mine” rough diamond

The sale of the 299.3-carat rough diamond follows the sensational sale in November 2020, by a competitive tender process, of the Letlapa Tala Collection, of five blue rough diamonds, also recovered from Cullinan in September, 2020, weighing a total of 85.6 carats to a partnership between De Beers and Diacore for US$ 40.36 million. The five Type IIb blue diamonds weighed respectively 25.75 carats, 21.25 carats, 17.57 carats, 11.42 carats and 9.61 carats in descending order of weights.

Letlapa Tala blue diamond collection
Letlapa Tala blue diamond collection

The Letlapa Tala Blue Diamond Collection
The Letlapa Tala Blue Diamond Collection

Commenting on the sale of the diamond, Richard Duffy, Chief Executive Officer of Petra said, “ 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.”

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