 Petra diamonds has revealed that two Cullinan white diamonds were sold early in November for a combined value of $2.8 million. The diamonds were 58 and 53 carats. Petra believes that the prices these diamonds went for suggests that another two diamonds recovered in the same production series earlier this year, 507 and 168 carats, will go for a handsome price. Petra is very pleased with the prices achieved for the two diamonds. The 58.49 carat stone sold for $1.82 million and the 53.31 carat stone sold for $0.96 million. Petra is still deciding how to market it 507 carat diamond to maximize profit. According to experts, the stone is of exceptional color and clarity. However, it seems that the 168 carat diamond will be sold first. Diamond prices at Petra have been on the incline since the financial year’s end. The most recent diamond tenders saw strong prices, particularly in October and early November. The company reported that it has sold a number of ‘special’ diamonds from the Cullinan and Koffiefontein mines in the last four months.
Johan Dippenaar, Petra's CEO, said: “The rough diamond market has improved significantly in recent months, as evidenced by the strengthening of prices we have witnessed since early 2009. Our recent tenders have been particularly successful and this positive price environment bodes well for the sale of the exceptional 168 carat white Cullinan diamond, as well as for the overall earnings of our operations as we continue to increase Group production.”
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