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Tuesday, September 29, 2009

Spectacular 507 ct White Diamond Recovered at Historic Cullinan Mine


29 September 2009

Petra Diamonds Limited ("Petra" or "the Company"), the international diamond mining group, announces the recovery of an important 507.55 carat white diamond at the Cullinan mine in South Africa.

This spectacular gemstone was recovered on Thursday 24 September and is currently with experts for analysis. Initial examinations indicate that it is of exceptional colour and clarity, and most likely to be a Type II diamond. Further details, including colour grading and clarity, will be released once the diamond has undergone appropriate analysis.

The diamond was recovered alongside three other special white stones of similar colour and clarity in the same production run: another very large stone of 168.00 carats and two other stones of 58.50 and 53.30 carats.

At 507 carats (just over 100 grams) the diamond, which has yet to be named, is considered to be amongst the top 20 largest high quality rough diamonds ever found worldwide and ranks alongside other illustrious diamonds recovered at the celebrated Cullinan mine. Cullinan has a special place in the history of diamonds as the source of the world’s largest gem diamond ever recovered, the ‘Cullinan’, at 3,106 carats rough. It has also produced a further two of the world’s largest diamonds, the Golden Jubilee at 755 carats rough and the Centenary at 599 carats rough, and many other famous gems including the Taylor-Burton (69 carats polished).

Johan Dippenaar, Petra’s Chief Executive Officer, commented on the find, "The Cullinan mine has again given the world a spectacularly beautiful and important diamond. Initial indications are that it is of exceptional colour and clarity, which suggest extraordinary potential for its polished yield. We now eagerly await the findings of the expert analysis."

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About Petra Diamonds

Petra Diamonds is a leading supplier of rough diamonds. A number of acquisitions have established Petra as one of the world’s largest independent diamond groups by resources, with a total resource base of 262 million carats. The Company’s objective is to continue to increase supply and develop its stature as a world-class diamond group.

Petra has acquired three of the world's most famous diamond mines – Cullinan, Koffiefontein, and Williamson – all of which are noted for the production of valuable diamonds. In addition, the Company has agreed to acquire a fourth major mine, the Kimberley Underground mines, and this acquisition is expected to complete soon. Petra is continuing the proud tradition of these celebrated diamond mines, whilst delivering true sustainable development to the benefit of the employees and the surrounding local communities. Petra conducts all its operations according to the highest ethical standards, and will only work in countries which are members of the Kimberley Process.

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