Petra’s 425-carat Legacy Diamond Fetches $15-M


South Africa’s Petra Diamonds (OTCMKT:PDMDF, LON:PDL) has sold its 425-carat “Legacy of the Cullinan Diamond Mine” diamond to Belgium-based Stargems Group and Choron BVBA for $15-M.

The exceptional D colour Type IIa gem was recovered in March of this year from the company’s iconic Cullinan mine, the same that yielded the Cullinan diamond at 3,106 carats the largest rough diamond ever found and which today is part of the  British Crown Jewels.

Petra, which recently appointed former gold miner Richard Duffy as CEO, has been seeking to turn around its fortunes after piling up debt to expand Cullinan.

The mine has been profitable every year since the company acquired it in Y 2008 and it’s expected to generate free cash flow this year.

Have a terrific week.