Jewel in the crown for Petra
A 507-carat diamond, one of the biggest ever found and worth an estimated $25m, is expected to be sold on Friday after attracting more buying interest than expected, seller Petra Diamonds said.
The level of interest in the 'Cullinan Heritage' stone reflects a recovery in the diamond market which began in early October as jewellers started restocking and the fact that it is rare for a diamond of such size and quality to be sold through competitive tender.
"There has been a very strong level of interest in viewing the stone and in being involved in bidding," said Petra's finance director, David Abery. "We have been very pleasantly surprised to see the level of interest."
Analysts have estimated the value of the white diamond, one of the 20 biggest high quality rough diamonds ever found, at about $25m and see it boosting Petra's full-year results.