Platinum’s rare nature gives it additional value and appeal

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The future for synthetics lies in that it has become possible to grow a stone you want and make what you want out of it

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‘Petra’s 20.08-ct blue diamond could fetch $15 million’

15 october 2019

Petra Diamonds could earn up to $15 million for the 20.08-carat blue diamond it found last month at its Cullinan mine, in South Africa, according to a media report. 

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                 Image credit: Petra

The miner is set to conduct a special tender of the exceptional stone from 8 to 15 November 2019 at the Diamond Exchange and Export Centre (DEEC) in Johannesburg.  
The rare stone is expected to boost the struggling company’s revenue. 
The group’s revenue for the year ended 30 June 2019 eased 6% to $463.6 million, which resulted in adjusted EBITDA margin declining to 33% against the previous year’s 39%. 
Its net debt at 30 June 2019 was $564.8 million compared with $520.7 million, a year earlier
“We expect this stone to fetch a good price — we are hoping for at least $13 million to $15 million — despite the rough market’s well-publicized travails,” Shore Capital’s Yuen Low was quoted as saying by Mining.com. 
“If this proves the case, it should provide a welcome, significant boost to [Petra’s fiscal-year] 2020 profits.”
Petra sold “The Blue Moon of Josephine”, a 29.6 carat blue stone, for $48.5 million, in 2015.

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished