Petra Diamonds has announced that two Cullinan white diamonds of 58 and 53 carats were sold in early November for $2.8 million. The diamond company notes that the strong diamond prices bode well for the values that could be realized from the sale of the exceptional 507 and 168 carat white diamonds, which were recovered in the same production series at the Cullinan mine earlier this year.



Petra noted that it is very encouraged by the excellent prices achieved for the 58.49 and 53.31 carat white diamonds, which sold for $1.82 million and $0.96 million respectively



Petra stated that it continues to assess the route to market for the 507.55 carat diamond with the aim of maximizing revenues. According to expert analysis, this stone is reportedly of exceptional color and clarity. The diamond company noted that the 168 carat diamond will be sold on tender soon.



Diamond prices realized at Petra's tenders have continued to strengthen since the financial year’s end. The most recent diamond tenders in October (Williamson) and early November (South African production) saw particularly strong prices. The company reported that it has sold a number of 'special' diamonds from the Cullinan and Koffiefontein mines in the last four months.



Johan Dippenaar, Petra's CEO, noted: "The rough diamond market has improved significantly in recent months, as evidenced by the strengthening of prices we have witnessed since early 2009. Our recent tenders have been particularly successful and this positive price environment bodes well for the sale of the exceptional 168 carat white Cullinan diamond, as well as for the overall earnings of our operations as we continue to increase Group production."