August 23, 2017

US$ 15m worth carat white diamond discovered in South Africa

LesothoDiamond-Reuters

A US$ 15m worth 232-carat white diamond has been discovered in South Africa at Cullinan mine, northeast of Pretoria.

Petra diamonds, a London based company, was very pleased as it confirmed the reports of discovery. They have said that the stone is exceptional in size and of high quality. The 232-carat white diamond stock price has already jumped on the London stock market after they publicized the discovery.

Numis Securities analysts pointed out in a statement that the discovery will be a boost to the country’s economy, since they estimate a sale of US$ 10m to US$ 15m, given Gem Diamonds’ recent sale of Type II white at about US$70,000 per carat, and presuming some losses for cutting or polishing.

The mine has a good track record of producing huge diamonds, including the 3,100-carat Cullinan Diamond found in 1905, which was the largest rough gem diamond ever found.

Earlier this year, Petra sold a 29.6-carat blue diamond from the Cullinan mine for more than US$ 25m. Petra has five producing mines in South Africa and one in Tanzania.

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