As part of another important diamond auction, Christie’s is working on the sale of a squash ball sized diamond. There is much being said about a diamond this size, especially one that has the third-best measurement ranking on the color scale, as well as third-highest clarity rating of VVSI.
The accessory dealer is hoping to sell the piece, currently on exhibit in London until the diamond auction, for $8 million. Estimates around the world place the sale of the piece between $6 and $7.5 million, although it is possible that it will reach a higher value. The diamond, which is the shape of a shield, is drawing international attention not just because of the flawlessness of the piece, but also because it is the largest white diamond to be at auction in nearly twenty years.
Once the diamond auction is ready to begin, the auction will be conducted at Christie’s auction house in Hong Kong. As a rising member of the diamond and gemstone market, Christie’s chairman of jewelry, Francois Curiel, believes that it is only appropriate that the sale happens there.
However, that does not mean that it is anticipated that the101 carat diamond will be auctioned off to someone from Hong Kong or to an Asian collector for that matter. Instead, it is speculated that the buyer of this gem will come from a collector located in Russia or the Middle East.
Discovered at the Premier diamond mine in South Africa, the diamond was cut from a 460-carat rough stone. The Premier diamond mine in South Africa is the oldest and largest diamond mine in the country. It now sits at 101 carats with almost flawless color and clarity. Due to its thickness, the stone was originally mounted on a tiara, instead of a necklace or pendant.
Another important faction about this specific diamond auction is that the diamond has yet to be named. Therefore, the highest bidder at the diamond auction, and new owner, of a 101 carat diamond, will get naming rights for it as well.
For many people, the idea of owning this beautiful diamond will be great, but the chance to name a rare and almost flawless diamond like this will be even better. Naming rights mean that the diamond will be remembered by the name you choose for the rest of its existence.
After a diamond auction, some people choose to name their gem after the color, cut, or style of the diamond. Others choose to go more personal, naming the diamond after a child, a family member, or another person or place that is important to them. Regardless, what they choose to name the diamond is completely up to the discretion of the owner, although many diamonds, like the Hope diamond, become infamously linked to its name.
The squash ball-sized diamond, as it is being referred to by the public, will go up for auction on May 28th. Pictures of the diamond can be found online for those who are interested in purchasing it and those who are just curious to see a photograph of a diamond that size. Also part of the diamond auction will be a colored ring set that included a beautiful green diamond, as well as a ring set that boasts a 14.31 carat emerald with diamonds.
Given the weakening world market, an investor or collector could easily make a purchase at the diamond auction for a lower than average per-carat price. Furthermore, it is feared that the world economy will cause the remarkable diamond to go unsold.
Even earlier this month, the diamond auction of a magnificent 72.22 carat diamond failed to produce a buyer at the Sotheby’s Hong Kong auction. Although some bids were given, the reserve was not met at that time and the auction ended. The diamond has since sold to a private buyer.
However, this is quite the change from times as recent as late last year, when rare polished diamonds were selling at prices that were deemed an all-time high for gems of the sort. However, those prices were from auctions at traditional gem hubs like Geneva.
This next diamond auction is considered to be a test of the strength of the global diamond trade market, as well as the ability to sell such a diamond in the Asian auction environment. Many people site international exchange rates as providing confusion during the prices, or bids, and putting a damper on the overall mood of the sale.
Still, Christie’s remains positive that they will find a buyer for this squash ball-sized diamond. According to reports, the market price of diamonds has gone up to 20 percent in the last 18 months. This is due in part because of the discoveries of blue stones by Christie’s, in addition to this rare diamond.