White Diamond Sells For Record $30.6 Million At Auction
A white diamond sold for a record $30.6 million at auction in Hong Kong. The flawless diamond is the size of an egg and was mined and cut two years ago.
Two phone bidders competed against each other to win the 118-carat gem from Africa for six minutes. One dropped out, allowing the second to take home the prize.
The white diamond was one of several gems in the twice-yearly Sotheby’s jewelry auction, including a blue diamond that was supposed to be the night’s other highlight. Unfortunately, the blue gem, estimated at $19 million, failed to sell.
When it was found in 2011, the raw diamond weighed 299 carats. It now holds the record as the largest and most significant diamond graded by the Gemological Institute of America. Sotheby’s stated that the diamond was found in Africa, but declined to say which country to protect the seller’s identity.
The previous record auction price for a white diamond was set at $26.7 million in May at Christie’s in Geneva. The other highlight of the night was a flawless, round cut, vivid blue diamond that weighs 7.6 carats. However, the gem failed to reach its reserve price.
Both gems were part of 330 lots of rare jewels that fetched $95 million in total. Quek Chin Yeow, deputy chairman of Sotheby’s Asia, was optimistic about what the auction means for Hong Kong. He explained, “Hong Kong in the last few years puled itself up alongside Geneva and New York as one of the three major selling centers at auction” for diamonds.”
However, he added that the results don’t necessarily show how wealthy Asians are being affected by economic trends, including China’s slowdown. This is because prices like the amount the white diamond sold for are only affordable for the super rich, a group mostly immune to this kind of fluctuation.
The world record price for a jewel still belongs to a “fancy intense pink” diamond weighing 24.8 carats. The diamond was sold in 2010 to London jeweler Laurence Graff, who bought the jewel for $46 million. However, the record could be broken next month. Sotheby’s is planning on putting a pink diamond weighing 59.6 carats on the block. The massive gem has an expected price of $60 million.
[Image via ShutterStock]
