Category Archives: Britain

India says the famous blue Kohinoor diamond belongs to England

india-says-kohinoor-diamond-belongs-to-britain-image www.worldwidediamonds.info

India’s government has told the country’s top court it won’t try to reclaim the 105-carat Koh-i-Noor diamond, which is now part of the British crown jewels.

Kohinoor, one of the world’s largest diamonds, has been at the centre of a diplomatic row between New Delhi and London, with India arguing for decades that it should get it back.

Kohinoor has been part of the British crown jewels for more than 150 years.But the government headed by Narendra Modi told the Supreme Court on Monday that Kohinoor was neither “forcibly taken nor stolen” by the British during colonial times, BBC reports.

The court said it’d take its time to make a decision as the verdict could “stand in the way” of future attempts to bring back items that once belonged to India.

Kohinoor has been part of the British crown jewels for more than 150 years and today forms part of a crown that was worn by the late mother of Queen Elizabeth, currently on display in the Tower of London,.

For many Indians, returning the diamond would be symbolic of India’s subjugation and a compensation for the excesses of the British during their colonial rule.

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Henry Sapiecha

Sotheby’s Acquires “Pink Star” Diamond after Buyer Defaults

Published on Feb 28, 2014

Sotheby’s acquires the “Pink Star” diamond, which fetched a world-record price in November, after its buyer couldn’t pay and defaulted.

Sotheby’s said it acquired the “Pink Star” diamond, which had fetched a world-record price in November, after its buyer couldn’t pay and defaulted.

New York-based diamond cutter Isaac Wolf outbid three rivals last November to pay 76.3 million Swiss francs ($83.02 million) for the flawless pink diamond in an auction guaranteed by Sotheby’s.

In a post-earnings conference call, the auction house said it reversed the related commission revenue as a result of the buyer default and recorded the pink diamond in inventory at a value of about $72 million.

“We are currently in discussions with the buyer, while also considering other alternatives,” Patrick McClymont, Sotheby’s CFO said on the call with analysts. “In the meantime, we are quite comfortable with our valuation, and see real value in owning the diamond at this price.”

The world-record price for the diamond, which had been renamed “The Pink Dream” after Wolf acquired it, had included a “buyer’s premium,” or commission fees. The diamond’s pre-sale estimate was $61 million.

The 59.60-carat Pink Star was the main attraction at Sotheby’s November jewels sale in Geneva, which was the highest jewelry sale total for a single auction in history – $199.5 million.

On Thursday (February 27), Sotheby’s reported weaker-than-expected quarterly profit, hurt by higher operating expenses and increased competition. The auctioneer reported earnings of $1.30 per share that missed analysts’ estimates of $1.40 per share, according to Thomson Reuters I/B/E/S.

Billionaire hedge fund manager Daniel Loeb mounted a proxy fight with the goal of winning three board seats after the auction house’s promise to return $450 million to shareholders failed to appease activist investors.

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Henry Sapiecha