101-Carat Diamond for $8 Million
A 101-care, almost flawless diamond may get more than $8 million at a Christie’s International sale in Hong Kong, the first time a gem of this quality and weight was ever auctioned off in Asia.
The squash-ball sized diamond, highlight of Christie’s jewelry sale on May 28, has the third highest clarity rating and the third best ranking on the scale of colorless.
Christie’s only identifies the seller as a Europe-base diamond trading company run by three brothers. The auction house said the stone had been discovered at the premier diamond mine in South Africa, the largest and oldest diamond mine in the country.
Hong Kong is Christie’s third-biggest auction market after New York and London. Growth in Asia outside Japan is accelerating,fueled by China’s 10 percent a year expansion as the U.S economy stalls.
“The seller called us up in Asia and specifically said they want the gem sold in this region.” said Vicki Sek, a Hong Kong- based director of jewelry.
The colorless diamond is fourth of more 100 carats offered at auction according to Francois Curiel, the company’s global head of jewelry. The last three were in Geneva, he said.
Cut from a 460- carat rough diamond, the gem is now on exhibition in London and is also the biggest white diamond at auction in nearly two decades, Christie’s said. In 2005, the auction house sold a 120-carat brown diamond of lower clarity in Hong Kong. A carat is one-fifth of a gram.
In October, Christie’s largest rival sold a flawless, 6.04 carat blue diamond in Hong Kong for HK$61.9 million per carat record for a gem.
“The market for a big diamonds has gone up 20 percent in the last 18 months,” Raymond Sancroft-Baker said.
Sancroft-Baker said companies were no longer holding large diamonds stockpiles and fewer stones were being dug out of the earth.
During the London photo call the diamond slipped from grasp of Christie’s black-dressed staff and feel to the thickly carpeted floor.
“Luckily that didn’t hit a chair” said Sancroft- Baker “Diamonds are the hardest substances in the world, but they can chip.”
The record for any gemstone sold at auction is the $16.5 million with fees paid for the 100.1 Carat “Star of the Season” pear -shaped colorless diamond at Sothbey’s, Geneva in May. 1995.