The diamond jewelry collection of Christina Onassis was recently auctioned and gained record-breaking prices. Christina Onassis was the daughter of the famous Greek shipping owner Aristotle Onassis who was married to Jackie Kennedy. The auction was held by Christie’s in London and had more than 40 pieces from the personal Onassis collection. Many of the pieces of jewelry were vintage and were made by some of the world’s best-known diamond jewelers. Harry Winston, Cartier and Cleef and Arpels designed some of the pieces.The most important piece and the one that garnered the most attention and money was a stunning diamond necklace. The diamond on the necklace was a 38-carat “potentially flawless” diamond that was of the purest white color. The diamond necklace was expected to bring up to $4.32 million but instead was sold for $7.07 million.
Another great piece from the Onassis collection was a gem encrusted “Buddha” made by Faberge, which sold for a whopping $2.5 million - more than three times the estimated amount. Christina Onassis was the only daughter of Aristotle Onassis. Christina died in 1987 at the young age of just 37 years old. She left behind her young daughter, Athena Onassis, who was only three at the time. Athena, now 23 years old, was the sole heir to the entire Onassis fortune. She is estimated to be worth more than $2.5 billion, making her one of the richest women in the world.
Athena decided to sell some of her mother’s jewelry because she really had no need for it. In total the auction was expected to bring about $8 million but instead brought in $29 million setting a record in the UK for a jewelry auction of this type. The fame attached to the Onassis name likely helped to increase the prices paid. But experts also advise that the high prices are a reflection of the increased demand and market for this type of high-end diamond jewelry.
Large flawless diamonds almost never come to auction and when they do they can command record-breaking prices. The prices of any large nearly flawless diamonds have increased dramatically in the last six months. This is most likely due to people using large diamonds as investments. With market fluctuations and a possible recession many other investments aren’t panning out. Wealthy investors are instead turning to diamonds to round out their portfolios. Increased prices are most likely to continue as other investments wane.
Diamonds are rated using a universal rating system. Gemologists use powerful magnifying lens to closely review every part of the diamond. Flaws or inclusions are commonly found in every diamond. Large diamonds are often cut to remove the largest flaws leaving an almost perfect stone. Rough stones are cut and polished to bring out the beauty of the stones. The fewer flaws the better the diamond rating. Every diamond has a certification that has been done by a gemologist. The certificate lists the characteristics of the diamond such as the weight, color and any flaws that it may have. The certificate is not the same as an appraisal. An appraisal is an attempt to determine market value of the diamond at any given point in time. A new appraisal needs to be done periodically as the market values fluctuate. A certificate may accompany the diamond for life.
Interestingly large diamonds are often re-cut when new owners purchase them. The setting is the least expensive part of the piece of jewelry even though it is typically made of gold or platinum. Many times a new owner will take a piece obtained at auction and have it put into a new setting. Sometimes it is necessary to cut the stone to create a more pleasing shape for the new desired setting. When a diamond is re-cut a new certificate is necessary.
While the rich and famous make diamond purchases through large auction houses the typical diamond buyer now often buys online. Online diamond sales have increased in the last two years. This is likely due to the fact that the Internet is more accessible. Technology advances make it easier to showcase diamonds so that people can see them in three dimensions. Online retailers are also more reliable.
When choosing diamonds online look for retailers who have a good reputation and have been in business for a while. Most online retailers offer customers a liberal return policy to ensure that they are happy with the item once it arrives. Purchasing diamonds online is easy if you learn about diamonds before you begin. When comparing diamonds always consider the grade of diamond and not just the size. Larger sized diamonds that have flaws aren’t as valuable as smaller diamonds with fewer flaws. If you have questions an online associate can often answer them for you before you make the final purchase.
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