Africa-focused mining group Petra Diamonds has announced that it has found one of the worldÔÇÖs largest, highest-quality diamonds ever at its Cullinan mine, north-east of Pretoria, South Africa.
The 507-carat diamond, which is roughly the size of an egg and weighs around 100 grams, may rank among the worldÔÇÖs top 20 high-quality diamonds. It is currently with experts for valuation and analysis.
Initial examinations have indicated that the stone is of exceptional colour and clarity and is most likely to be a Type II diamond.
It is estimated that the stone could be worth in excess of $20 million (Ôé¼13 million).
The diamond was discovered alongside three other very large white stones of 168 carats, 58 carats and 53 carats.
Over 100 years ago, the same mine produced the largest diamond ever found, at 3,106 carats. The diamond was cut into nine separate stones, some of which are in the British Crown Jewels.
The mine has also long been a source for rare and valuable blue diamonds. In May, Petra sold a 7.03 carat blue diamond from Cullinan for $9.4 millionÔÇöthe highest auction price ever for that variety of stone.
Commenting on the find, Johan Dippenaar, PetraÔÇÖs CEO, said: "The Cullinan mine has again given the world a spectacularly beautiful and important diamond.
ÔÇ£Initial indications are that it is of exceptional colour and clarity, which suggest extraordinary potential for its polished yield. We now eagerly await the findings of the expert analysis."
Petra is currently planning substantial growth at Cullinan, where it intends to boost underground production from two million tons per year to 2.4 million tons per year by the financial year 2011.
By deepening the current mine, the company then intends to increase production still further, to four million tons per year by 2019.
PetraÔÇÖs resource base is currently 262 million carats.
*        *        *
