Thursday, June 12, 2008

At $186K per Carat, Onassis Diamond Fetches Double the Estimates

A pear-shaped 38 carat D/VVS1 diamond, set in a marquise cut gold and platinum diamond necklace, that once belonged to Christina Onassis was sold Wednesday to an unnamed Middle Eastern buyer for $7.1 million. Christie’s, which auctioned the diamond, gave it a catalogue estimate of £1.8 - 2.2 million ($3.5 - $4.3 million).

The diamond was one of several jewelry items offered for sale by the Onassis family. A gem-set bowenite Buddha by Faberge sold for $2.5 million, more than quadrupling early estimates.

The London jewelry auction broke a number of records. The 190 lots sold fetched together $29.4 million, making the sale the largest jewelry auction in Britain’s history.

The Onassis items alone fetched a total of $13.3 million.

Record breaking sales at Christies included this 38 ct diamond

Graff Diamonds acquired a 14.79 carat pear-shaped D / VVS2 diamond for
$2.2 million ($149,000 p/c), while a 13.37 carat marquise-cut D / VS1 diamond sold for $115,000 p/c to a UK firm.

Source: IDEX
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