Industry News by Nemesis

Petra Unearths 101ct. Rough at Cullinan

March 11, 2019

 

Petra Diamonds recovered two gem-quality rough stones from its Cullinan mine in South Africa Friday. 

The 100.83-carat, D-color, type II stone and another 6.12-carat, blue, type II diamond will be included in the company’s upcoming tender later this month. Petra’s stock price rose 6% on the day of the announcement. 

The company’s share performance has been suffering partly due to sluggish prices at Cullinan, with the stock price down about 50% since a year ago. Last month, Juan Kemp, general manager of Cullinan, told Reuters he lay awake at night wondering when the mine would yield its next big stone. 

Image: The 100.83-carat white diamond. (Petra Diamonds)

 

Source: Rapaport

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