Petra diamonds posts 52 percent rise in revenue in H2 2008
LONDON, December 22, 2008 – Diamond miner Petra Diamonds said it posted a 52 percent increase in gross revenue in the six months to December 2008 to $48.1 million.
The substantial growth in gross revenue was mainly due to the Cullinan mine in South Africa coming onstream from July 2008, although it was offset by weaker diamond prices in the last few months of 2008.
A second, exceptional blue diamond of 26.58 carats has recently been recovered at Cullinan. Early indications are that it is an extremely rare stone, of even better colour and clarity than the 39.19-carat blue stone recovered at Cullinan earlier in 2008, which sold for $8.8 million to Moussaieff jewellers.
The 26.58-carat blue diamond is expected to become available for sale in 2009, but details have not yet been made available.