Petra Sells 425ct. Diamond for $15M

RAPAPORT... Petra Diamonds sold a 425-carat white diamond from itsCullinan mine in South Africa for just under $15 million, it said Tuesday. "This is a significant sale for Petra Diamonds and anendorsement of the quality not only of the Legacy diamond, but also theCullinan ore body itself, which is known for its exceptional stones," saidPetra CEO Richard Duffy. The D-color, type II, gem-quality stone, named the Legacyof 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 mosticonic diamonds the world has ever seen, and, as a key client of PetraDiamonds, we are honored to have the opportunity to polish the Legacy of theCullian 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 theselling price anywhere from $8 million to $35 million, with BMO Capital Marketsforecasting approximately $15 million. Image: The Legacy of the Cullinan Diamond Mine. (Petra Diamonds)