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Petra Diamonds reveals big blue diamond

October 08, 2008

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Johannesburg—A 39-carat blue diamond is on display in South Africa, as part of mining company Petra Diamonds Ltd.'s latest tender.

According to a release from Petra, the 39.19-carat stone is included as part of the company's tender in Johannesburg, at the offices of Sadiamex (Meyer Diamonds) in the city's Diamond Centre.

Petra's Cullinan mine, located in South Africa, produced the rare stone. According to Petra, the Cullinan mine is the world's only significant source of blue diamonds.

The mine, which Petra purchased from De Beers last year, is also famous for producing the largest gem-quality diamond ever found, a 3,106.75-carat stone later used to craft the crown jewels of England.

Petra has operations in Angola, Botswana, Sierra Leone, South Africa and Tanzania (following the completion of the acquisition of the Williamson Diamond Mine from De Beers this month).

The company has five producing diamond mines in South Africa: Cullinan, Helam, Koeffiefontein, Sedibeng and Star.

Petra also is in talks to acquire the Kimberley Underground mines from De Beers, also located in South Africa.

The company is on track to increase its annual production from 200,000 carats to more than 1 million carats from 2008 to 2009.
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