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Petra sold 342 carat white diamond from Cullinan for $10 million

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(Kitco News) - Petra Diamonds announced today that the 342.92 carat Type IIa white diamond and an 18.30 carat Type IIb blue diamond, both recovered at the Cullinan diamond mine in South Africa, have been sold into a partnership with Stargems.

Petra said it will receive an upfront payment of US$10.0 million for the 342.92 carat stone and US$3.5 million for the 18.30 carat stone, as well as retaining a 50% interest in the profit uplift of the polished proceeds of both diamonds, after costs.

Stargems is a Johannesburg-based subsidiary of Stargems Group, an international and vertically integrated diamond company, and is a diamond beneficiation licencee, allowing for the two diamonds to be cut and polished in South Africa.

CEO Richard Duffy commented, "These two diamonds are wonderful examples of the very high quality and rare white and blue diamonds that are so well known from the Cullinan diamond mine. We are delighted that both stones will be manufactured in South Africa and it is fitting that we will be working with Stargems, who specialize in the sourcing and supply of the finest diamonds to customers across the world."

Located at the foothills of the Magaliesberg mountain range, 37 kilometres north-east of Pretoria in South Africa, the Cullinan diamond mine is one of the world's most celebrated diamond mines.

The Cullinan diamond mine is renowned as a source of large, high-quality gem diamonds, including Type II stones, as well as being the world’s most important source of very rare blue diamonds.

Petra Diamonds is a leading independent diamond mining group and a consistent supplier of gem quality rough diamonds to the international market. The company has a diversified portfolio incorporating interests in three underground producing mines in South Africa (Finsch, Cullinan and Koffiefontein) and one open pit mine in Tanzania (Williamson).

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