Shares in Petra Diamonds (LON:PDL) continued to soar Wednesday after the miner revealed late Tuesday it had found a 232.08-carat white diamond at its Cullinan mine in South Africa, which four analysts predict could fetch between $10 million to $16 million.
The London-listed company, increasingly famous for its exceptional recent discoveries, saw its stock climbing over 10% since the announcement, closing at a high of 195.5 pence Wednesday.
The new stone is a D colour Type II diamond of “exceptional size and clarity,” and it has become Petra’s largest white diamond since the 507-carat Cullinan Heritage found in 2009 at the same mine. That rough white diamond was given a “flawless” clarity grade and fetched $35.3 million, a record price for the company.
The Cullinan mine, near Pretoria, is famous for the discovery of the largest diamond ever recovered. That one was made in 1905 when miners unearthed a 3,106 carat diamond, which was later cut to form the Great Star of Africa and the Lesser Star of Africa, set in the Crown Jewels of Britain.
Images courtesy of Petra Diamonds.