Petra Diamonds has sold the 425-carat diamond it recovered in 2008 to Stargems Group and Choron for $15m. The D-colour Type IIa diamond came from Petra's Cullinan mine in South Africa, which the company acquired in March this year. The company took on significant debt during its acquisition of the mine, but Cullinan has been profitable since the acquisition and is poised to generate free cash flow this year.
Petra Diamonds has sold the 425-carat diamond it recovered in March this year to Stargems Group and Choron for $15m. The D-colour Type IIa diamond came from Petra's Cullinan mine in South Africa, which the company acquired in 2008. The company took on significant debt during its acquisition of the mine, but Cullinan has been profitable since the acquisition and is poised to generate free cash flow this year.