During its exploration of South Africa´s Cullinan mine, Petra Diamonds found the largest diamond discovered in a century.
The company said the 425-carat diamond is white in color, according to Bloomberg, which said the discovery of the precious stone "was timely", given the company´s suffering from many debts, as well as concerns about the failure of exploration to discover fortunes in the site of exploration.
The company´s discovery of the giant diamond saw its share rise 7.7 percent, the highest in 16 years, while last year it was racking up the debt it accumulated on the mine.
Although the diamond has not yet been analyzed for its purity, BMO Capital Markets, a financial services firm, has forecast its value to exceeded $ 15 million, while RBC Capital Markets raised its outlook for 25 And $ 35 million.
The company has suffered recently from the recession in the precious stone industry, which has been hit by heavy supply and demand, and the decline of the currency in India, which is a booming market for the manufacture and marketing of diamonds.
Earlier this year, the company, previously 100 and 6.1 carats, had failed to raise its shares.
