Petra Unveils The Cullinan He

RNS Number : 4896G

Petra Diamonds Ld

02 February 2010

 



Immediate Release

2 February 2010

Petra Diamonds Limited

("Petra" or "the Company")

Petra Unveils The Cullinan Heritage

Petra Diamonds Limited announces that the 507 carat white diamond has been named The Cullinan Heritage.  This spectacular and historic gem has been named to reflect the date of its recovery on Heritage Day in South Africa (24 September 2009), as well as its origins from the illustrious Cullinan mine, which has produced the majority of the world's most famous and important diamonds.

The Cullinan Heritage will shortly be placed on tender in Johannesburg and the Company will announce the sales value achieved for this very rare diamond following completion of the tender towards the end of February.

The Cullinan Heritage, which is of exceptional colour and clarity, is one of the top 20 largest high quality rough diamonds ever discovered.

Johan Dippenaar, Petra's CEO, commented, "The Cullinan Heritage is not only exquisitely beautiful, but also of true historical importance.  Since we announced the recovery of the diamond in September 2009, we have experienced a high level of interest from the trade and we look forward to announcing the results of the sale before the end of the month."

Photos of The Cullinan Heritage are available at the Company's website: www.petradiamonds.com.

For further information, please contact:

Cathy Roberts	Telephone: [phone]
Petra Diamonds, London	[e-mail]

Bobby Morse / James Strong	Telephone: [phone]
Buchanan Communications	[e-mail] [e-mail]

James Duncan / Nicola Taylor	Telephone: [phone]
Russell & Associates	[e-mail] [e-mail]

Mike Jones / Ryan Gaffney	Telephone: [phone]
Canaccord Adams Limited (NOMAD and Joint Broker)	[e-mail] [e-mail]

Joshua Critchley / Martin Eales	Telephone: [phone]
RBC Capital Markets (Joint Broker)	[e-mail] [e-mail]

~ Ends ~

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 gross resource base of 262 million carats. Petra increased its annual production fivefold in the year to June 2009 to over 1 million carats and the Company's objective is to continue to increase supply and develop its stature as a world-class diamond group.

In South Africa, Petra has interests in five producing mines - Cullinan, Koffiefontein, Helam, Sedibeng and Star - and has also agreed to acquire the Kimberley Underground mines from De Beers (this acquisition is expected to complete soon). In Tanzania, Petra has an interest in the Williamson mine.

Petra's mines are noted for the production of valuable diamonds, but in particular the Cullinan mine is famed as the source of the largest gem diamond ever found. More recently, in May 2009 The Star of Josephine, an internally flawless, fancy vivid blue diamond of 7.03 carats from the Cullinan mine, sold for US$9.4 million (US$1.35 million per carat), and in September 2009 The Cullinan Heritage, a white diamond of over 507 carats, was recovered.

Petra conducts all its operations according to the highest ethical standards, and will only work in countries which are members of the Kimberley Process.

The Company is quoted on the AIM market of the London Stock Exchange (AIM: PDL).

www.petradiamonds.com

About the Cullinan mine

Many of the world's most magnificent gems have been recovered at the Cullinan mine, including the 'Cullinan', the world's largest ever gem diamond at 3,106 carats.  Cullinan is renowned as a source of large diamonds and frequently yields diamonds larger than 10 carats.  Furthermore it has produced over 300 stones weighing more than 100 carats, and around a quarter of all of the world's diamonds weighing more than 400 carats.

Cullinan is also the world's only significant source of blue diamonds, and it gave the world the collection of 11 rare blue diamonds which were displayed in 2000 at London's Millennium Dome alongside the Millennium Star.

Other notable diamonds from Cullinan include the Premier Rose (353 carats rough), the Niarchos (426 carats rough), the De Beers Centenary (599 carats rough), the Golden Jubilee (755 carats rough) and the famous Taylor-Burton diamond (69 carats polished).  Cullinan was the source of not only the world's largest rough diamond but also the two largest polished diamonds in the world - the Golden Jubilee (545 carats) and the Great Star of Africa (530 carats).

About Heritage Day

Heritage Day, September 24, is a Public Holiday on which South Africans across the spectrum are encouraged to celebrate their culture heritage and the diversity of their beliefs and traditions, in the wider context of a nation that belongs to all is people.

 

END

 

 

MSCKKDDKOBKDABK