Economics
Mine Where the Biggest-Ever Diamond Was Found Delivers Again
- Petra Diamonds finds 425-carat gem at the Cullinan mine
- It’s a welcome find for Petra after shares hit 16-year low
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Beleaguered diamond miner Petra Diamonds Ltd. found a huge stone at its Cullinan mine in South Africa, where the biggest-ever diamond was found more than a century ago.
Petra said Friday it recovered a 425-carat white color Type II stone. It’s a welcome find for the company which has been weighed down by too much debt and growing concerns that it wasn’t finding enough expensive stones. Just a handful of big finds can change the economics of some gem mines.