Mar 1, 2010 10:00:39 AM
The 507 carat Cullinan Heritage sells for US$35.3 million
Petra Diamonds New York just announced that the 507 carat Cullinan Heritage has been sold for US$35.3 million, the highest sale price on record ever achieved for a rough diamond.
[caption id="attachment_1258" align="alignright" width="250" caption="Petras CEO Dippenaar with his record holding diamond"][/caption]
The diamond was sold on tender in South Africa and was purchased by Chow Tai Fook Jewellery Company Limited, Hong Kong. The purchaser has not at this stage advised Petra of their plans for the diamond.
The price achieved for The Cullinan Heritage reflects the incredible rarity of the diamond, which combines its remarkable size with exceptional colour and clarity, and at 507.5 carats it is the nineteenth largest gem diamond ever discovered. The Cullinan Heritage was recovered in September 2009 from Petra’s Cullinan mine in South Africa which has produced the majority of the world’s most famous and important diamonds.
The proceeds from the sale of The Cullinan Heritage will add to Petra’s treasury and give the Company further flexibility in funding the development of the underground operations at Cullinan and the expansion project at the Williamson mine, both of which are important steps in taking Petra’s annual production from the current one million carats to over three million carats by 2019.
Johan Dippenaar, Petra’s CEO, commented, “It is fitting that The Cullinan Heritage should achieve a sale price of US$35.3 million, the highest sale price on record ever achieved for a rough diamond, as it has the potential to produce one of the world’s most important polished gems. The sale proceeds further bolster Petra’s treasury and will be invested in the growth of our core assets.”