RAPAPORT...  Petra Diamonds sold its 507.5-carat Cullinan Heritage rough diamond for $35.3 million, or about $69,600 per carat. The diamond was purchased at a tender in South Africa by Chow Tai Fook Jewellery Company Limited of Hong Kong.

The price achieved for the Cullinan Heritage reflects the incredible rarity of the diamond, which combines its remarkable size with exceptional color 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 is known for producing important diamonds.

According to Petra's announcement, the proceeds will be applied to the miner's balance sheet, the funding of underground operations at Cullinan and expansion at the Williamson mine.

Johan Dippenaar, Petra’s chief executive officer (CEO), said, “It is fitting that the Cullinan Heritage should achieve a sale price of $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.”

LH