Category Archives: FAMOUS DIAMONDS

World’s ‘most beautiful diamond’ to go under the hammer at Christies Auction House

Diamond necklace featuring 163-carat flawless emerald stone, largest of its kind ever to be put up for an auction, has been unveiled in Hong Kong on Thursday September 28 (PRNewsfoto/de GRISOGONO)

An impressive flawless 163-carat diamond that has been hailed the “world’s most beautiful” will go under Christie’s hammer in Geneva in November, the auction house said Thursday.

Discovered in February last year in eastern Angola, the 404.20-carat rough diamond — named the “4 de Fevereiro” — was also the largest found so far in the southern African country, Christie’s said.

www.gem-creations.com

Diamond necklace featuring 163-carat flawless emerald stone, largest of its kind ever to be put up for an auction, has been unveiled in Hong Kong on Thursday September 28 (PRNewsfoto/de GRISOGONO)

A team of ten diamond-cutting specialist were involved polishing the rough diamond during the period of 11 months. The stone was then designed into a one-of-a-kind piece by Swiss jewellery house de Grisogono.

The D-color, emerald-cut diamond is classified as a rare Type IIa one, which in technical terms means an almost complete absence of nitrogen in the stone, de Grisogono said in a separate statement.

The original, 404.20-carat rough diamond that was mined in eastern Angola — the 27th largest rough white diamond ever discovered. (Image courtesy of Christie’s.)

It took over 1,700 hours to create this unique jewel and involved a team of 14 craftsmen and their know-how as well as love for perfection for each detail in the necklace.

he D-color, emerald-cut diamond can be detached from its white gold, diamond and emerald necklace. (Image courtesy of Christie’s.)

The finished piece, named The Art of de Grisogono, allows customers to detach it from its white gold, diamond and emerald necklace, if they wish to do so. It will be shown in London, Dubai and New York before going to auction in Geneva on November 14.

www.www-gems.com

Henry Sapiecha

Lucara gets almost $18M for fragment of its massive ‘Lesedi La Rona’ diamond

Canada’s Lucara Diamond (TSX:LUC), the company that hit the jackpot in 2015 after finding the world’s second-largest diamond, just got $17.5 million for a piece that broke from that rock, the now historic 1,109-carat “Lesedi La Rona.”

To date, Lucara has sold 145 diamonds for more than $1 million each.The 373.7-carat diamond, sold during the Vancouver-based miner’s $54.8 million recent tender to luxury jeweller Graff Diamonds, was one of 15 large and high value rocks offered by the company.

Just like the 1,109-carat diamond it found in 2015, all the stones sold this week were mined at Lucara’s Karowe mine in Botswana, which has been yielding massive rocks as of late.

Last year, the miner sold one of those mammoths — the 813-carat “The Constellation” — for $63 million, setting a new record for a rough gem.

It wasn’t that lucky when it came to three-billion-year-old “Lesedi La Rona,” meaning “our light” in the Tswana language spoken in Botswana, as the rock failed to sell at a Sotheby’s auction in June last year.

This is the 373.72-carat rock, once part of the second largest gem quality diamond ever discovered. (Image courtesy of Graff Diamonds.)

The gem, second in size only to the Cullinan diamond in the British Crown jewels, was expected to go for at least $70 million. The highest bid, however, was around $61 million, leaving it in Lucara’s hands.

To date, the company has sold 145 diamonds for more than $1 million each, bringing in revenues of more than $528 million, its President and CEO William Lamb said in the statement.

Botswana, the focus of Lucara, is the world’s largest producer of diamonds and the trade has transformed it into a middle-income nation.

Henry Sapiecha

Decadent Diamonds from Sotheby’s Auction House

This spring, Sotheby’s presents the ultimate in coloured diamonds: Apollo and Artemis comprised of a blue diamond weighing 14.54 carats, internally flawless, type IIb, and a pink diamond weighing 16.00 carats, VVS2 clarity, type IIa. The stones are currently mounted as a spectacular pair of earrings, but are being offered separately, on account of their extreme rarity, power and presence. They are, says David Bennett, Worldwide Chairman of Sotheby’s International Jewellery Division, “by far the most important pair of earrings ever offered at auction.”

pink-blue teardrop dimond earrings image www.worldwidediamonds.info

The Apollo and Artemis Diamonds. Exceptional fancy vivid blue diamond. Estimate CHF38,125,000–50,160,000 ($38,000,000–50,000,000). Important fancy intense pink diamond. Estimate CHF12,545,000–18,060,000 ($12,500,000–18,000,000). To be offered in Magnificent Jewels and Noble Jewels on 16 May in Geneva.

VIEW AUCTION

white heart diamonds on white line

The CTF Pink Star. Sold for HK$553,037,500 ($71,200,000).

PINK-STAR-DIAMOND IMAGE www.worldwidediamonds.info

On 4 April 2017 in Hong Kong, Sotheby’s set a new auction record for any diamond or jewel when The Pink Star, a 59.60-carat oval fancy vivid pink internally flawless diamond – the largest Internally Flawless, Fancy Vivid Pink diamond that the GIA has ever graded – sold to renowned jeweller Chow Tai Fook, who has renamed the stone the CTF Pink Star. Not only was the price more than double the previous record for a fancy vivid pink diamond, but it was also a new record for any work ever sold at auction in Asia.

white heart diamonds on white line

Rare platinum, fancy vivid green diamond and diamond ring. Estimate $1,000,000–1,500,000. To be offered in Magnificent Jewels, Including the Legendary Stotesbury Emerald on 25 April in New York.

rare-platinum-fancy-vivid-green-diamond-and-diamond-ring.image www.worldwidediamonds.info

In the elite world of fancy coloured diamonds, green and red are by far the rarest body colours. The appearance of green in a diamond is caused by millions of years of exposure to a source of natural irradiation in the earth, either among uranium compounds or percolating groundwater, which changes its specific absorption of light. Our upcoming New York sale presents a cut-cornered square mixed-cut Fancy Vivid Green diamond weighing 1.64 carats, flanked by two cut-cornered triangle-shaped diamonds weighing approximately .65 carats.

white heart diamonds on white line

Fancy intense purplish pink diamond ring, Piaget. Estimate CHF78,030,000-12,040,000 ($8,000,000-12,000,000). To be offered in Magnificent Jewels and Noble Jewels on 16 May in Geneva.

Fancy intense purplish pink diamond ring 7.04 carats image www.worldwidediamonds.info

Another exceptional colourful diamond on offer this spring in Geneva, this ring is set with a modified rectangular brilliant-cut fancy intense purplish pink diamond, weighing 7.04 carats, VS1 Clarity, type IIa, between triangular diamond shoulders.

white heart diamonds on white line

Extraordinary pair of platinum and diamond earrings. Estimate $4,500,000–5,500,000. To be offered in Magnificent Jewels, Including the Legendary Stotesbury Emerald on 25 April in New York.

diamond earrings feature two square emerald-cut diamonds, weighing 20.29 and 20.02 carats, topped by two smaller square emerald-cut diamonds weighing 1.01 carats each image www.worldwidediamonds.info

These earrings feature two square emerald-cut diamonds, weighing 20.29 and 20.02 carats, topped by two smaller square emerald-cut diamonds weighing 1.01 carats each.

white heart diamonds on white line

The Unique Pink. Sold for CHF30,826,000 ($31,561,200).

unique-pink-diamond-Weighing 15.38 carats, the “Unique Pink image www.wordwidediamonds.info

Weighing 15.38 carats, the “Unique Pink” is a Type IIa brilliant cut diamond with unparallelled saturation. Until this April, when Sotheby’s Hong Kong sold the CTF Pink Star, the largest fancy vivid pink diamond ever offered at auction for a record-setting price, the Unique Pink held the world auction record for any fancy vivid pink diamond. It also contributed to the May 2016 Geneva sale of Magnificent Jewels and Noble Jewels sale becoming the new world record for any jewellery auction.

De Beers Millennium Jewel 4. Sold for HK$248,280,000 ($32,013,223).

De Beers Millennium 10.10 carat blue diamond image www.worldwid3ediamonds.info

To celebrate the Millennium in 2000, De Beers, together with The Steinmetz Group, showcased an exceptional collection of eleven important blue diamonds, the De Beers Millennium Jewels, in a specially designed exhibit at London’s Millennium Dome. Offered for sale from an Asian private collection, this rare and internally flawless 10.10-carat blue diamond is the largest oval-shaped fancy vivid blue diamond ever to appear at auction and was the most expensive diamond ever sold in Hong Kong before the CTF Pink Star in April 2017.

white heart diamonds on white line

The Graff Pink. Sold for CHF45,442,500 ($46,158,674).

The Graff Pink diamond 24.78 carats image www.worldwidediamonds.info

Type IIa pink diamonds are very rare in nature, but this fancy intense pink round-cornered rectangular step-cut diamond weighing 24.78 carats, set between shield-shaped diamond shoulders, is a perfect, pure pink colour, which has been graded “fancy intense pink” by the GIA with no secondary colour modifier. Adding to this diamond’s exquisite nature is its classic emerald cut – a style most associated with white diamonds – that is immensely sought-after in rare colours. According to the consignor, the stone had not appeared on the open market since it was first purchased some 65 years ago from Harry Winston himself. In 2010, Laurence Graff bought the diamond and renamed it The Graff Pink.

white heart diamonds on white line

Magnificent oval diamond 118.28 carat, D colour, flawless, type IIA. Sold for HK$238,680,000 ($30,782,560).

Magnificent oval diamond 118.28 carat, D colour, flawless, type IIA image www.worldwidediamonds.info

Unearthed in 2011 from the deep mines in Southern Africa, the 299-carat rough of this oval diamond is one of the largest and most beautiful diamond roughs found in recent years. Carefully and meticulously worked over months, the unrefined stone was transformed into a mesmerising 118.28-carat unmounted, brilliant-cut diamond. When sold at Sotheby’s Hong Kong in 2013, it became the world record for any white diamond at auction, as well as the biggest diamond ever sold at auction.

white heart diamonds on white line

The Lady Dalal. Sold for CHF11,282,500 ($12,361,558).

The Lady Dalal 110.03 carat yellow diamond image www.worldwidediamonds.info

Polished diamonds over 100 carats of any colour, weak or strong, are rare, which makes this 110.03-carat yellow diamond all the more impressive. The Sun-Drop, the largest known fancy vivid yellow pear-shaped diamond, was unveiled to the world at London’s Natural History Museum where it was exhibited in the famous Vault Gallery in 2011. After being sold at Sotheby’s Geneva the same year, it was renamed The Lady Dalal.

white heart diamonds on white line

The Blue Moon of Josephine. Sold for CHF48,634,000 ($48,468,158).

The Blue Moon of Josephine 12.03 carats vivid blue diamond image www.worldwidediamonds.info

Smashing all records, the Blue Moon Diamond, renamed The Blue Moon of Josephine, sold in November 2015 at Sotheby’s Geneva for over $4 million per carat – the world auction price-per-carat record for a diamond or gemstone. “After seeing the stone’s colour and understanding its significance, it was fitting to name it the Blue Moon Diamond,” noted Suzette Gomes, CEO of Cora International. “Not only its shape is reminiscent of a full moon,” she said of the cushion-shaped fancy vivid blue 12.03-carat diamond, “but the metaphor for the expression is exactly what one could say about the occurrence and existence of such a gemstone.”

white heart diamonds on white line

A spectacular emerald-cut diamond. Sold for $22,090,000.

emerald-cut diamond 110.20 carat white diamond image www.worldwidediamonds.info

Only six perfect diamonds weighing over 100 carats have sold at auction in the last 25 years. Sotheby’s sold five of those spectacular stones at sales in Geneva, Hong Kong, and New York, where in April 2015, this jaw-dropping 100.20-carat, type IIa diamond was offered. The classic, emerald-cut diamond’s D colour and internally flawless clarity are exceptionally rare at this scale.

white heart diamonds on white line

Superb and highly important fancy vivid purple-pink diamond and diamond ring, mounted by Sotheby’s Diamonds. Sold for HK$137,880,000 ($17,778,247).

fancy vivid purple-pink diamond and diamond ring 8.41 carats pear shaped image www.worldwidediamonds.info

This ring centres an 8.41-carat, pear-shaped, type IIa pink diamond, shown here, which is prized not only for its sweet, intensely saturated hue, but also for its internally flawless clarity. With a stylised mount pavé-set throughout with circular-cut diamonds, this jewel sold at Sotheby’s Hong Kong in 2014.

white heart diamonds on white line

The Beau Sancy. Sold for CHF9,042,500 ($9,678,188).

The Beau Sancy 34.98 carat double rose cut diamond image www.worldwidediamonds.info

Before this 34.98-carat modified pear double rose-cut diamond sold at Sotheby’s Geneva in 2012, its first royal owner was Marie de Medici, the wealthiest heiress in Europe, who in 1600 married Henri IV, considered the greatest king ever to rule France. Descending from the Medici through her father, Francesco, Grand Duke of Tuscany, who gave her this gem, she was not only rich but very grand. Cut and polished towards the end of the 16th century, the Beau Sancy also exhibits the first attempts to liberate the “fire” inherent in the stone – a property of diamond so admired today

white heart diamonds on white line

The Zoe Diamond. Sold for $32,645,000.

zoe diamond magnificent and rare 9.75-carat fancy vivid blue diamond pendant image www.worldwidediamonds.info

In the November 2014 sale of the Collection of Mrs Paul Mellon, collectors eagerly vied for jewellery and objects of vertu that evoked her celebrated style. After 20 minutes of competitive bidding, Mrs Mellon’s magnificent and rare 9.75-carat fancy vivid blue diamond pendant sold for more than double its high estimate, driving the 98%-sold auction total to $218 million. It was renamed The Zoe Diamond.

white heart diamonds on white line

Magnificent diamond. Sold for CHF12,597,000 ($14,201,354).

70.33-carat cushion brilliant white diamond image www.wordwidediamonds.info

Introduced at the beginning of the 20th century, the modern cushion-cut derives from ancient cushion-cut diamonds, sometimes referred to as “old mine” cuts. This magnificent 70.33-carat cushion brilliant diamond has not only received the highest colour and clarity grade from the GIA for white diamonds – D colour and flawless clarity – but it also is a type IIa diamond.

white heart diamonds on white line

The Graff Vivid Yellow. Sold for CHF14,501,000 ($16,347,847).

The Graff Vivid Yellow 100.09 carat diamond image www.worldwidediamonds.info

Of exceptional beauty and extraordinary fire, this brilliant gem is one of the largest fancy vivid yellow diamonds in the world. It is listed in Ian Balfour’s book Famous Diamonds as one of the few rare yellow diamonds greater than 100 carats. The 100.09-carat brilliant fancy vivid yellow diamond, which can also be detached and worn as a pendant, was sold at Sotheby’s Geneva in 2014.

white heart diamonds on white line

‘The Historic Pink’ magnificent fancy vivid pink diamond ring. Sold for CHF14,810,000 ($15,903,422).

'The Historic Pink' magnificent fancy vivid pink diamond ring. 8.72 carats image www.worldwidediamonds.info

This exceptional vivid pink Type IIa diamond, formerly in the collection of American heiress Huguette Clark, was mounted as a ring by Dreicer. Set with a cushion brilliant-cut fancy vivid pink diamond weighing 8.72 carats, this ring sold most recently in 2014 at Sotheby’s Geneva.

white heart diamonds on white line

Exceptional pear-shaped diamond. Sold for $14,165,000.

Exceptional pear-shaped white diamond 74.79 carats image www.worldwidediamonds.info

At 74.79 carats, this unmounted type IIa diamond has it all: D colour, VVS1 clarity, and it is potentially internally flawless.

white heart diamonds on white line

CLUB LIBIDO BANNER SEPIA BLUE COUPLE KISS

Henry Sapiecha

World’s largest pair of pear-shaped diamonds could fetch up to $30m

worlds-largest-pair-of-pear-shaped-diamond-earrings-could-fetch-up-to-30m image www.worldwidediamonds.info

A newly created set of drop earrings featuring the world’s largest pair of pear-shaped diamonds, is expected to fetch up to $30 million when they go under Christie’s hammer in Geneva on Nov. 15.

The “flawless quality” rocks, weighing 52.55 and 50.47 carats, were made into earrings by Boehmer et Bassenge’s new boutique Maison de Haute Joaillerie, in Paris.

The piece of jewellery, named Miroir de l’Amour (Mirror of Love), will be sold alongside an exceedingly rare Fancy Vivid pink pear-shaped diamond ring, which is expected to sale for $16 to $18 million, the auction house said.

the-fancy-vivid-pink diamond image www.worldwidediamonds.info

white heart diamonds on white line

The Orange

the-orange

When it was auctioned in 2013, this diamond was the largest Fancy Vivid Orange diamond ever to have been discovered, weighing approximately 14.82 carats.

The gem, which sold for over $35.5 million — more than $15m above its high estimate — is also the largest Fancy Vivid Orange diamond ever graded by the Gemological Institute of America.

white heart diamonds on white line

The Winston Legacy

the-winston-legacy diamond image www.worldwidediamonds.info

On 15 May 2013 this exceptional pear-shaped gem — at 101.73 carats, one of the world’s most perfect diamonds — was the top lot in Christie’s record-breaking $102 million Geneva auction of Magnificent Jewels. It sold to Harry Winston for $26.7 million, setting a new world record at auction for a colourless diamond.

white heart diamonds on white line

The Blue

the-blue diamond www.worldwidediamonds.info

The world’s largest and flawless pear-shaped diamond set a fresh all-time record at a global auction for a blue diamond. It was sold to Harry Winston for $24 million — more than $1.8 million per carat — and it was rechristened as the Winston Blue.

The diamond industry has rebounded this year after Anglo America’s De Beers unit and Russian rival Alrosa axed supply in 2015. And while rough-diamond prices have gained over 7% this year, main actors such as De Beers have repeatedly warned the final months of the year could be more difficult.

white heart diamonds on white line

Meet_Russian_728_90

Henry Sapiecha

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.

commercial business loans info flyer www.money-au (11)

Henry Sapiecha

Shirley Temple’s fancy vivid blue 9.54 ct diamond ring fails to sell at auction

shirley-temples-fancy-blue-diamond-ring-fails-to-sell image www.worldwidediamonds.info

A rare 9.54-carat blue diamond ring that belonged to former child star Shirley Temple has failed to buy a buyer at a touted Sotheby’s auction in New York.

The ring, flush in its original Art Deco setting, was originally expected to bring between $25 million and $35 million.

In the last two months, Sotheby’s heavily promoted the ring, exhibiting it at its bureaus in Hong Kong and Los Angeles and taking it on a major media tour.

shirley-temple-blue-diamond image www.worldwidediamonds.info

The Fancy Deep Blue diamond ring was expected to fetch up to $35 million. (Image courtesy of Sotheby’s)

The Hollywood actress’ father gave her the jewel in 1940, around the time of her 12th birthday and when the girl’s film “The Blue Bird” premiered. Temple’s father paid $7,210 for the ring, the auction house said last month.

Despite its history and rarity — the rock is, after all, fancy deep blue — the ring remains in Sotheby’s hands.

Depending on the lot’s consigner’s preferences, the ring could be recalled, considered for a private sale orchestrated by the auction house, or saved for a future public sale.

Last year, Sotheby’s set a fresh world auction record for any diamond or gemstone ― as well as a record price-per-carat for any diamond or gemstone ― when a 12.03-carat Fancy Vivid Blue diamond sold for $48.5 million.

commercial business loans info flyer www.money-au (8)

Henry Sapiecha

De Beers blue diamond smashes sales records in Asia, fetches almost $32M at auction

de-beers-blue-diamond-millenium4 smashes-auction-records-in-asia-fetches-almost-32-million-image www.worldwidediamonds (1)

The “De Beers Millennium Jewel 4” may not have the catchiest name in the history of famous diamonds, but the very rare 10.10-carat blue gem has just broke all auction records in Asia, as it fetched almost $32 million.

The rock, the largest oval fancy vivid blue diamond to ever appear at auction, was auctioned off by Sotheby’s in Hong Kong as part of a high profile gem sale.

de-beers-blue-diamond-millenium4 smashes-auction-records-in-asia-fetches-almost-32-million-image www.worldwidediamonds (2)

The internally flawless diamond was part of the Millennium Jewels collection, unveiled by De Beers in 2000 to commemorate the turn of the century, and displayed at London’s Millennium Dome.

At the time, the blue gem was the target of an attempted multi-million pound robbery in November 2000, which was foiled by the Metropolitan Police.

de-beers-blue-diamond-millenium4 smashes-auction-records-in-asia-fetches-almost-32-million-image www.worldwidediamonds (3)

The auction house will sell another coveted blue diamond, set in a ring once owned by former child star Shirley Temple, on April 19, in the U.S.

DDD7

Henry Sapiecha

Diamond found at Arkansas Park expected to fetch $1 million

diamond-found-at-arkansas-park-expected-to-fetch-1M image worlwidediamonds.info

Bobbie Oskarso named her gem “Esperanza,” which is both her niece’s name and the Spanish word for “hope.” (Image courtesy of the Arkansas State Park)

The Esperanza Diamond, believed to be the most valuable precious rock ever discovered in the U.S., is now set into a custom-designed pendant and it is touring the country in search of an owner.

Discovered in July last year at the Arkansas Crater of Diamonds State Park by Bobbie Oskarson of Colorado, the rare icicle-shaped 8.52 carats gem was recently polished and finished by master diamond cutter Mike Botha of Canada’s Embee Diamonds.

diamond-found-at-arkansas-park-expected-to-fetch-1-million image www.worlwidediamonds.info

“The curves of the Esperanza dictated to a large extent what the final shape would be like,” he said in a statement, adding that following the natural icicle shape of the rough stone, one end of the polished diamond is wider than the other.

“This unique shape proved a challenge, but is celebrated in the pendant design.” Botha said.

The diamond features a 147 facet, teardrop cut triolette shape (the first of its kind) and is both internally flawless and a “D” colour.

esperanza-8.52-carat-diamond image www.worldwidediamonds.info

The sparkly, white diamond about half the size of a quarter is the fifth largest found since the park was established in 1972. (Image courtesy of the Arkansas State Park)

Arkansas Park officials said the gem is the fifth largest diamond found since the park was established in 1972.

The former mine that’s now bills itself as “the world’s only diamond-producing site open to the public” has yielded quite a few finds in recent years. But the largest rock ever found at the park was a 16.37 carats gem discovered in 1975.

Black, Starr & Frost will auction the diamond through an open bidding process, which is open until Feb. 15. The diamond is estimated at $1 million.

Watch the transformation of Esperanza diamond in this mini-documentary

ooo

ooo

Henry Sapiecha

The world’s largest black diamond can now be seen in Dubai

the-worlds-largest-black-diamond-can-now-be-seen-in-dubai image www.worldwidediamonds.info

The unusual gem is named after the Korloff -Sapojnikoff family, members of the Russian nobility, who once owned it.

Billed as the world’s largest known black diamond, the 88-karat “Karloff Noir” made an appearance at a Dubai Mall last week to promote the reopening of a Karloff Paris boutique, a jewellery group with 50 boutiques worldwide and more than 450 points of sale.

The rarely publicly displayed gem was discovered in Siberia in 1917. It was cut from a 421-carat rough diamond and boasts a deep, rich black opaque colour. Daniel Paillasseur, founder and managing partner of Korloff Paris, purchased the precious stone in 1978 and named it after the royal Russian family, Korloff-Sapojnikoff, which originally owned it.

The Karloff Noir, insured for $37 million, resides in Paris, but Paillasseur told Emirates 24/7 that the reopening of the store in Dubai was more than a good reason to have flown the unusual and famous black diamond, as the country remains one of the best performing markets.

Korloff-noir-Diamond image www.worldwidediamonds.info

This black diamond is believed to bring happiness, luck and prosperity to any person who has the privilege of touching it. It has been brought outside of Paris only on select occasions, for the Sultan of Brunei and the Queen of Malaysia.

Black diamonds are different from other coloured rocks because they do not get their shade from chemical impurities, such as nitrogen, hydrogen or boron. Rather, black diamonds owe their colour to numerous dark inclusions (mostly graphite), and their opaqueness is caused by a “polycrystalline” structure that inhibits the reflection of light.

Images courtesy of Korloff France.

ooo

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.

ooo

Henry Sapiecha