Paramount recovers 15ct diamond

Paramount Mining Corporation says that a diamond weighing 15.47 carats, almost twice the size of any recovered to date from the Peakstar Project, South Africa, was recovered late last week from kimberlite sampled at a depth of 45 metres.

Larger diamonds are occurring periodically during bulk sample testing of one of several kimberlite fissures at the Peakstar Project – the South African venture involving Australian company, Paramount Mining Corporation Limited.

Like most diamonds from this fissure, which is located on the same kimberlite fissure system that hosts the Star Diamond Mine, operated by Petra Diamonds, and the Rex Diamond Mine, it is clear white in colour.

Previously recovered large diamonds at Peakstar have included stones weighing 8.2 (the previous largest stone) and 4.6 carats which sold for US$ 61,136 (US$ 7,456 per carat) and US$ 14,888 (US$ 3,237 per carat) respectively, and a 6.01 carat diamond which sold for US$8,399 (US$1,399 per carat).

This is a substantial jump in size for our largest diamond, and a very exciting development for the project, Paramount’s Chief Executive Officer, Ms Maureen Muggeridge, said.

Considering that we are testing relatively small volumes of kimberlite, recovery of a diamond this big is particularly significant, he said adding that carat value increases markedly with increase in size of a diamond.

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