Petra Diamonds Sale of 39.34ct Exceptional Type IIb blue diamond
July 12 2021 - 10:22AM
UK Regulatory
TIDMPDL
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
12 July 2021 LSE: PDL
Petra Diamonds Limited
("Petra" or the "Company" or the "Group")
Sale of 39.34ct Exceptional Type IIb blue diamond for just over US$40 million
Petra Diamonds Limited is pleased to announce that the 39.34 carat exceptional
Type IIb blue diamond recovered at the Cullinan diamond mine in April 2021 has
been sold to a partnership between De Beers and Diacore for US$40,180,180,
payable in cash prior to delivery of the stone.
Mined from the Cullinan C-Cut, this adds to the famous diamonds that have
originated from this iconic mine. The diamond achieved a price of US$1,021,357
per carat.
Richard Duffy, Chief Executive Officer, commented on the sale:
"This sets a new milestone for Petra in achieving its highest price for a
single stone and follows the sale of the 299 carat Type IIa white diamond in
March this year and the five blue diamonds comprising the Letlapa Tala
Collection in November 2020, purchased by the same De Beers Diacore
partnership."
Photos of the diamond can be viewed at: www.petradiamonds.com/media/
image-library/diamonds.
Ends
For further information, please contact:
Petra Diamonds, London
Telephone: +44 20 7494 8203
Marianna Bowes
investorrelations@petradiamonds.com
Des Kilalea
Julia Stone
About Petra Diamonds Limited
Petra Diamonds is a leading independent diamond mining group and a consistent
supplier of gem quality rough diamonds to the international market. The Company
has a diversified portfolio incorporating interests in three underground
producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one
open pit mine in Tanzania (Williamson).
Petra's strategy is to focus on value rather than volume production by
optimising recoveries from its high-quality asset base in order to maximise
their efficiency and profitability. The Group has a significant resource base
of ca. 244 million carats, which supports the potential for long-life
operations.
Petra strives to operate according to the highest ethical standards and will
only operate in countries which are members of the Kimberley Process. The
Company aims to generate tangible value for each of its stakeholders, thereby
contributing to the socio-economic development of its host countries and
supporting long-term sustainable operations to the benefit of its employees,
partners and communities.
Petra is quoted with a premium listing on the Main Market of the London Stock
Exchange under the ticker 'PDL'. The Company's US$337 million loan notes due in
2026 will be listed on the Global Exchange market of the Irish Stock Exchange.
For more information, visit www.petradiamonds.com.
Notes to Editors
About the Cullinan Mine
Located at the foothills of the Magaliesberg mountain range, 37 kilometres
north-east of Pretoria in South Africa, the Cullinan Diamond Mine is one of the
world's most celebrated diamond mines.
It earned its place in history with the discovery of the Cullinan diamond in
1905, the largest rough gem diamond ever found at 3,106 carats. This iconic
stone was cut into the two most important diamonds which form part of the Crown
Jewels in the Tower of London - the First Star of Africa, which is mounted at
the top of the Sovereign's Sceptre and which at 530 carats is the largest
flawless cut diamond in the world, and the Second Star of Africa, a 317 carat
polished diamond which forms the centrepiece of the Imperial State Crown.
The Cullinan Diamond Mine is renowned as a source of large, high-quality gem
diamonds, including Type II stones, as well as being the world's most important
source of very rare blue diamonds.
Many of the most famous diamonds in the world herald from the Cullinan Diamond
Mine and it continues to produce world-class diamonds under Petra's
stewardship. Notable diamonds historically produced from the Cullinan Mine
include:
* the Premier Rose (353 carats rough);
* the Niarchos (426 carats rough);
* the De Beers Centenary (599 carats rough);
* the Golden Jubilee (755 carats rough); and
* the Taylor-Burton diamond (69 carats polished).
More recently, remarkable diamonds recovered by Petra at the Cullinan Diamond
Mine include:
* the Cullinan Heritage (507 carats rough white diamond), sold for US$35.3
million in 2010;
* the Blue Moon of Josephine (29 carats rough blue diamond), sold for US$25.6
million in 2014;
* the Cullinan Dream (122 carats rough blue diamond), sold for US$25.3
million in 2016;
* the Legacy of the Cullinan Diamond Mine (424 carats rough white diamond),
sold for just under US$15 million in May 2019;
* the Letlapa Tala Collection (a collection of five blue diamonds of high
quality and clarity) sold for US$40.36 million in November 2020;
and
* an exceptional 299 carat Type IIa white gem quality diamond sold for
US$12.18 million in March 2021.
The unique geology of the Cullinan kimberlite pipe means that the majority of
its diamonds are aged between 3.2 and 1.1 billion years old - spanning a time
in the Earth's history from before the formation of the first major continents
to the beginnings of multicellular life. However, Type IIb blue diamonds are so
rare that their age has not been established. Recent studies on minerals
trapped inside these diamonds imply that they are amongst the deepest-formed
diamonds ever found, created at depths in excess of 500km below the Earth's
surface. The boron that gives their blue colour has been linked to seawater
suggesting that these diamonds are a record of rocks from the ocean floor that
have been transported to the lower mantle by plate tectonics, where these
diamonds formed under conditions of extreme pressure and temperature.
More information on the Cullinan Diamond Mine's unique heritage can be found at
https://www.petradiamonds.com/about-us/our-heritage/.
The Cullinan Mine is a significant employer in South Africa, with a workforce
encompassing over 1,300 employees and over 200 contractors. It plays an active
role in its local communities, with a particular focus on improving education
standards, supporting small to medium sized enterprises and addressing other
needs deemed to be most critical to its stakeholders.
About blue diamonds
Blue diamonds are one of nature's most special treasures. They are so rare that
there are no official statistics on their recovery, however the Cullinan Mine
in South Africa is known as the world's most important source.
True miracles of nature, the captivating blue colour is produced by the
presence of the trace element boron within the stone's carbon structure during
its formation deep within the Earth's mantle.
Virtually every blue diamond described by the GIA Gem Trade Laboratory as
"blue" is classified as a Type IIb diamond. Type II diamonds contain no
detectable nitrogen in their chemical structure and tend to display exceptional
transparency. Type IIb diamonds are unique in a number of their gemmological
properties, such as their ability to conduct electricity and phosphoresce to
short-wave UV. No known laboratory-grown or treated blue diamond displays the
combination of electrical conductivity and phosphorescence seen in naturally
occurring blues.
High quality blue diamonds command the very highest values, with the 12 carat
polished Blue Moon of Josephine (cut from a 29 carat rough blue diamond from
the Cullinan Mine) selling for US$48.5 million in 2015, representing a
remarkable +US$4 million per carat (US$20 million per gram), which remains the
world record price per carat ever paid for a diamond.
END
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