Petra Diamonds Expects to Announce Outcome of 507 Carat Cullinan Heritage Tender Shortly; 130 Carat Diamond Recovered at Cullinan in January

Diamond News: The 507 carat diamond that was recovered in September 2009 at the Cullinan diamond mine in South Africa and recently named The Cullinan Heritage is currently on tender and Petra Diamonds expects to announce the outcome of the tender shortly.

The sale of The Cullinan Heritage, due to complete on Friday 26 February, is expected to substantially boost Petra’s treasury, leaving the Group in a strong financial position.

The name of the Cullinan Heritage reflects the stone’s illustrious origins and its recovery on South Africa’s Heritage Day. Cullinan is now the source of four of the top 20 largest gem diamonds ever found, and with the re-commissioning of the large diamond recovery plant achieved on time at the end of 2009 Petra Diamonds believe there is increased potential for further important finds.

The remarkable 507 carat stone was found in the same production series as three other special diamonds, of 168, 58 and 53 carats, which together sold for a combined revenue of US$9.1 million.

With the recovery of the 507 carat Cullinan Heritage in September 2009, the Cullinan mine has now produced four of the world’s top 20 largest high quality gem diamonds: The Cullinan (3,106 carats rough), The Golden Jubilee (755 carats rough), The Centenary (599 carats rough) and The Cullinan Heritage (507 carats rough). To ensure the best possible chance to recover further such important gems, Petra re-commissioned the large diamond recovery plant at Cullinan in December 2009. This is now in full operation and a 130 carat rough diamond was recovered in January. Though a poor quality stone, it demonstrates that the process is operating effectively.

Related posts:

1. Petra Diamonds Unveils The ‘Cullinan Heritage’ 507 Carat Diamond
2. 507 Carat Cullinan Heritage Diamond Sells for US$35.3 Million to Chow Tai Fook of Hong Kong
3. 507.55 Carater Recovered At South Africa’s Cullinan Mine; 3 More Large Diamonds Also Recovered
4. Petra Diamonds: 58 and 53 Carat Cullinan White Diamonds Sold
5. Exceptional 168 Carat White Cullinan Diamond Sold for US$6.28 Million