Petra Diamonds Says it is Insured for Such Losses After Multi Million Diamond Parcel was Stolen in Transit

Diamond News: Further to our December 25 report on a diamond parcel, containing nearly 15,000 carats of diamond and estimated to be worth nearly $2.9 million, that was stolen during transit to Antwerp, we can disclose the following details:

The diamond parcel, containing just over 14,931 carats of diamonds, was exported by Williamson Diamonds Limited, which is owned 75% by Petra Diamonds Limited and 25% by the government of Tanzania, according to Petra Diamonds Annual Report.

The theft occured in late October 2009 during transit via Johannesburg to Belgium where the diamonds were destined to be tendered. The diamonds were stolen at the OR Tambo International Airport.

The estimated value of the diamond parcel, which was issued with a Kimberley Process certificate dated just prior to the theft, is over $2.88 million.

Petra Diamonds reported in its latest update that: “…A shipment of 14,931 carats that was due for tender in Antwerp in late November was stolen at OR Tambo International Airport whilst in transit. The Company is insured for such losses, and a claim has been lodged with the insurers. It is not Petra’s policy to discuss the precautions it takes to safeguard its very valuable product, or to disclose the details of such a theft, but a review of all third party procedures has been undertaken with regard to all future shipments. Petra is confident that the insurance claim will be settled satisfactorily and does not expect the theft to have any material impact on the Group revenue target for the 2010 financial year.”