The Williamson Diamond Mine in Mwadui, Shinyanga Region, South Africa, that had been a disappointment to its previous owners, is now producing diamonds profusely. Its new owners, Petra Diamonds, a UK company, owns the 75 percent of shares, reports This Day.

Petra Diamonds reported a 453.6% increase in diamond production, mostly from mining at the Williamson diamond mine and other South Africa properties. Five times as many diamonds are produced at the mine by carats, with production peaking at 1.1 million carats, This Day reports.

Petra Diamonds reportedly bought the mine from De Beers for $10 million, and is currently in the process of negations for a second purchase from De Beers in South Africa. The company is also staking financial opportunities in Botswana, reports This Day

Johan Dippenaar, Petra Diamonds CEO explains ’’This has been a year in which Petra has established itself as a significant diamond producer. We have grown our production substantially, continued to find world-class stones, effectively managed our cost base, and expanded our geographic footprint.’’ However, Dippenaar acknowledged that low diamond prices have been a setback. However the company is hoping for the best, as signs of recovery are visible, reports The Day.