Petra Diamonds Regulatory News (PDL)

31 Jan 2007 07:01

Petra Diamonds Ld31 January 2007 Petra Diamonds Limited Update - Calibrated Diamonds Petra Diamonds Limited ('Petra' or 'the Company' or 'the Group'), the AIM-quotedand ASX-listed diamond group, announces the appointment of Mr Ken Axsel asManaging Director of the Group's diamond cutting and polishing business,Calibrated Diamonds Investment Holdings (Pty) Limited ('CDIH' or 'CalibratedDiamonds'). Mr Axsel's experience in the global diamond industry spans 20 years. He joinsPetra from the leading global diamond bank ABN AMRO, where he served as CountryHead South Africa - International Diamond and Jewellery Group. He started hiscareer as a geologist moving through the fields of mining engineering, mineraleconomics as well as commercial and financial roles. Mr Axsel has also held thepositions of Deputy Executive Officer of the South African Diamond Board andDirector (Head of Mining) of ING Financial Markets. Mr Axsel will work with Mr John Bond (Technical Director, CDIH), the founder ofCalibrated Diamonds, in taking the CDIH business forward. Mr Bond has beeninvolved in the cutting and polishing of diamonds for over 28 years and has beeninvolved in many of the technologies used in the global diamond industry. He wasinstrumental in the development of technologies for the cutting of diamonds bylaser as well as techniques for the double and multiple side-sawing of roughstones and has also been a recipient of some of South Africa's most prestigioustechnology awards. The technologies he was instrumental in designing and whichare used at CDIH are among the most advanced diamond processing methods in theworld. Petra acquired the entire issued share capital of CDIH in November 2006. CDIH isfocused on the cutting and polishing ('beneficiation') of rough diamonds,utilising what Petra believes to be a unique process developed by CDIH and whichenables Petra to produce polished diamonds of a very high and consistentstandard. The acquisition of CDIH represents a significant step forward inPetra's objective of growing its diamond revenues, as CDIH will provide Petrawith the potential to significantly enhance its overall revenues due to thevalue added from the beneficiation of rough diamond production. Johan Dippenaar, CEO of Petra Diamonds commented, "Ken's appointment is animportant step for Petra as he, along with John Bond, will be driving the growthand development of our beneficiation business, with the potential forsubstantial value creation for the Company. His appointment also serves tofurther increase the breadth of expertise in-house, as he brings to Petra awealth of diamond industry experience. We are delighted to welcome people ofboth Ken and John's calibre to the Petra team." For further information, please contact: Cathy Malins / Annabel Leather Telephone: +44 (0) 20 7851 7480Parkgreen Communications, London This information is provided by RNS The company news service from the London Stock Exchange