Petra Diamonds has recently announced a significant discovery at its Cullinan mine in South Africa – a stunning 209.9 carat ‘Type II’ diamond. This remarkable find adds to the mine’s growing reputation as a premier source of valuable diamonds, with this being the third such discovery since March.
Since Petra Diamonds took over the Cullinan mine in 2008, the company has been focused on revitalizing this historic site. With a rich history of producing the largest rough gem diamond ever recorded in 1905, weighing an astounding 3,106 carats, the Cullinan mine has long been renowned for its exceptional diamonds. Particularly notable is its reputation as a primary global supplier of rare blue diamonds, highlighting the mine’s unique ability to produce highly sought-after gems.
The recent discovery of the 209.9 carat diamond follows hot on the heels of another significant find back in March, a massive 425-carat diamond named ‘The Legacy’. As Petra Diamonds prepares to sell this latest gem in the upcoming quarter, anticipation is high for another successful sale.
In light of their recent discoveries, Petra Diamonds is focused on improving its financial position by reducing debt levels and achieving positive cash flow in the near future. CEO Richard Duffy has reiterated the company’s commitment to financial stability and growth, outlining strategic initiatives to reach these goals.
Despite facing challenges in the current market, Petra Diamonds remains determined to fully unlock the potential of the Cullinan mine and continue delivering exceptional results. With positive movement in its shares reflecting investor confidence, the company is showcasing resilience and determination in navigating the complexities of the diamond industry.
For more information on Petra Diamonds and their latest discoveries, visit their official website here. To learn more about the Cullinan mine and its historic significance, click here.
