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Petra Sells 425ct. Diamond for $15M

Stargems Group and Choron buy D-color stone in partnership.
May 14, 2019 10:22 AM   By Rapaport News
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Petra Diamonds sold a 425-carat white diamond from its Cullinan mine in South Africa for just under $15 million, it said Tuesday.

“This is a significant sale for Petra Diamonds and an endorsement of the quality not only of the Legacy diamond, but also the Cullinan ore body itself, which is known for its exceptional stones,” said Petra CEO Richard Duffy.

The D-color, type II, gem-quality stone, named the Legacy of the Cullinan Diamond Mine, was sold to a partnership comprising Dubai-based Stargems Group and Belgium-based Choron.

“The Cullinan diamond mine has produced some of the most iconic diamonds the world has ever seen, and, as a key client of Petra Diamonds, we are honored to have the opportunity to polish the Legacy of the Cullian Diamond Mine,” added Shailesh Javeri, chairman of Stargems.

Petra unearthed the stone in March from the deposit’s C-Cut, a higher-value area of the mine. At the time, various analysts estimated the selling price anywhere from $8 million to $35 million, with BMO Capital Markets forecasting approximately $15 million.

Image: The Legacy of the Cullinan Diamond Mine. (Petra Diamonds)
Tags: BMO Capital Markets, Cullinan Mine, Legacy of the Cullinan Diamond Mine, petra, Petra Diamonds, Rapaport News, Richard Duffy, Shailesh Javeri, Stargems Group
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