Gem find for Bridge Oil

Press, 9 November 1988, Page 39

Gem find for Bridge Oil

NZPA-AAP Sydney Bridge Oil has recovered a 181.77 carat gem diamond worth millions of dollars from its 50 per cent owned Aredor Mine in the Republic of Guinea, West Africa. The Australian oil and minerals group’s chairman, Mr Robert Strauss, said yesterday the diamond was Bridge’s biggest find since last year when it found a 143 carat and a 100.3 carat stone. The diamond is colour D, a brilliant translucent white and the highest quality of gem. “After last year’s find we thought it would be several years before we discovered another of such high quality,” Mr Strauss said. “It’s like winning the Lotto.” The diamond, currently in Europe, is being put up for tender to a select group of individuals. Mr Strauss did not say how much the stone was likely to fetch. “It is like a unique painting. There is no market value for such a brilliant diamond,” he said. However, the rough 143 carat gem had been sold for SUS 3.7 million (SNZS.9M), he said. When it was later auctioned by Christies as a Dflawless polished 52.59 carat diamond it fetched SUS7.SM (SNZI2.2M) “We have been told this one (the 181.77 carat) diamond is far superior,” he said. Annual production at Aredor, which it owns in a joint venture with the Guinea Government, was about 180,000 carats a year of high quality gems, he said. Bridge shares were traded at 100 c yesterday, from 97c on Monday.