Flawless 163-Carat Diamond Sells for $34 Million in Geneva AuctionBy
Christie’s sells De Grisogono necklace in Geneva auction
Price was on the low side, online jeweler 77Diamonds.com says
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 percent bigger than a diamond Sotheby’s sold in 2013 for only $3 million less, said Tobias Kormind, head of London-based online jeweler 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 10 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 Wednesday, when Sotheby’s will auction a pink diamond estimated to be worth as much as $30 million.