Paramount sells 15ct diamond

A diamond weighing 15.47 carats, almost twice the size of any recovered to date from the Peakstar Project, South Africa, sold late last week for 1,344,359 South African Rands (US$170,172).

At over US$11,000 per carat, this D colour clear white stone is the most valuable so far recovered from bulk sample testing of one of several kimberlite fissures at the Peakstar Project – the South African venture involving Australian company, Paramount Mining Corporation Limited.

This diamond has sold at an outstanding price. Needless to say the Company and its partners are delighted with this result, Paramount’s Chief Executive Officer, Ms Maureen Muggeridge, said. This demonstrates that the strong demand for high quality stones is exerting continued upward pressure on diamond prices.

We are periodically recovering larger stones in the 1-6 carat range, Ms Muggeridge said. However, recovery of a diamond this big is particularly significant considering that the bulk samples being tested are relatively small in volume. Because carat value increases markedly with the increase in size of a diamond, the knowledge that diamonds of at least 15 carats occur at Peakstar has very positive ramifications for the commercial potential of the project.

The next largest diamond recovered at Peakstar weighed 8.2 carats and sold for US$ 61,136 (US$ 7,456 per carat). Both diamonds were sold by tender in Kimberley, Northern Cape Province, South Africa.

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