Petra Diamonds, owner of one of the world’s most famous diamond mines - the Cullinan mine in South Africa - could be about a decade away from clearing its multi-million-dollar debts, according to Reuters. As Emma Rumney and Barbara Lewis explain, Petra bought Cullinan in 2008, "aiming to breathe new life into the South African mine renowned for yielding the largest rough gem diamond ever found - 3,106 carats - and being the world’s main source of rare blue diamonds.
South Africa-focused miner Petra Diamonds has seen its shares tumble 27% since Monday's announcement of its H1 2019 results, despite an 8% increase in sales and a 10% rise in production. The culprit? Near-historical low prices earned from its rough diamonds from its flagship Cullinan mine. Prices achieved from the miner's Cullinan goods slumped 31% compared to last year, earning just $96 per carat, and compared to a nine-year average of $140 per carat from 2009 to 2018, the miner said.
Petra Diamonds Limited has announced strong results for the six months to 31 December 2016 (H1 2017), with rough diamond production, revenues and carats sold all seeing substantial increases. Revenues were up 48% to US$228.5 million (H1 FY 2016: US$154.0 million) or US$217.6 excluding exceptional diamonds, with net profit after tax up more than 35% to US$35.2 million (H1 FY 2016: US$2.2 million loss) and an EBITDA margin of 38% (H1 FY 2016: 31%), indicating increased profitability. Petra's carats sold in the first half jumped 47% to 1.9 Mcts.
Petra Diamonds has found a 138.57-carat Type IIa, D color diamond at the Cullinan mine in South Africa. The diamond will be offered for sale as part of Petra's next sales process in late August in Johannesburg.
Petra Diamonds announced that the exceptional 121.26 carat white diamond recovered at the Cullinan mine in South Africa has sold for $6.0 million ($49,480 per carat), as part of the company's June sales process in Johannesburg. The stone was bought by a joint venture comprising Nemesis International and Golden Yellow Diamonds, two leading diamond manufacturers who specialise in large diamonds.
Petra Diamonds Limited said the stone is a Type II diamond of exceptional color and clarity, and is an outstanding example of the large, high quality diamonds for which the mine is known. The diamond will be sold in the last tender of Petra's 2016 financial year which is currently underway in Johannesburg. "This, along with a number of other high-quality stones that will also be included in the tender, will deliver an improved product mix at the mine in the last quarter of FY 2016," the miner said in a statement.
"It’s a blue streak," writes JCK's Rob Bates, reporting on yet another exceptional blue diamond - this time the 24.8-carat Cullinan Dream - that will be hitting Christie's Magnificent Jewels auction block in New York on June 9, 2016. "Extracted from the legendary Cullinan mine in South Africa in 2014, the Cullinan Dream is the largest Fancy Intense Blue diamond ever to be offered at auction," reads Christie's announcenent.
"The illustrious story of the impeccable blue diamond began in the 17th century when Jean Baptiste Tavernier, a French diamond merchant, traveller and pioneer of diamond trade with India, first set eyes on a unique and unforgettable diamond in India. The “superfine deep blue” that so captivated Tavernier was later sold to King Louis XIV in 1669 as the famous French Blue, used to adorn the crown of Queen Marie Antoinette.