De Beers, Petra Diamonds Inks Deal; Cullinan Diamond Mine to Go Off For $147 mn

Identified as the world’s biggest diamond company, De Beers has announced its plans to sell its South Africa-based Cullinan Diamond Mine in South Africa to the Petra Diamonds (ranks second largest in the production of diamonds). De Beers made up to the headlines before as well by producing The Cullinan, largest diamond weighing over 3000 carats, uncut. Whilst MD of the De Beers group, Gareth Penny has plans to use the capital generated for various growth prospects to enhance his diamond business, Petra chief executive Johan Dippenaar is also delighted with the deal.

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Via AFP

Cullinan Diamond

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