MENU
 
 Registered users can save articles to their personal articles list. Login here or sign up here

163-carat diamond sells for $34m, still disappoints

Diamond the largest of its kind ever auctioned.

A flawless 163-carat clear diamond fetched $34 million at Christie’s in Geneva — not enough to dispell concerns about the health of the market.

The stone, the centerpiece of a gem-studded necklace designed by  De Grisogono founder Fawaz Gruosi, was the largest of its kind ever auctioned. It’s 40% bigger than a diamond Sotheby’s sold in 2013 for only $3 million less, said Tobias Kormind, head of London-based online jeweller 77Diamonds.com.

“I am disappointed that the Art of De Grisogono didn’t sell for a more dazzling price,”he said in a statement. “This is a worrying sign for the top end of the diamond market.”

A team of ten specialists in New York cut the jewel from a rough 404-carat stone discovered last year in Angola, the biggest diamond ever found in that country. The necklace is made of 18 diamonds on one side and two rows of pear-shaped emeralds on the other. It took more than 1 700 hours to create.

Christie’s sold 27 lots for more than $1 million Tuesday, though a quarter of the items it offered went unsold. The total sale raised $106 million.

The Geneva fall auction season concludes on Wednesday, when Sotheby’s will auction a pink diamond estimated to be worth as much as $30 million.

Sotheby’s holds the record for the most expensive diamond ever auctioned, having sold the 59.6-carat Pink Star for $71 million to Hong Kong-based jewellery retailer Chow Tai Fook.

© 2017 Bloomberg

COMMENTS   0

To comment, you must be registered and logged in.

LOGIN HERE

Don't have an account?
Sign up for FREE

LATEST CURRENCIES  

ZAR / USD
ZAR / GBP
ZAR / Euro

MARKET INDICATORS

JSE ALSI
DAX
CAC40
NasDaq
Gold / oz
Silver
Platinum / oz
Brent
Rand/Dollar
Rand/Pound
Rand/Euro
Dollar/Euro

Podcasts

GO TO SHOP CART

Follow us:

Search Articles:Advanced Search
Click a Company:
server: 172.17.0.2