Pink diamond sells for a record R324m at auction

2010-11-17 07:36

Geneva – A rare pink diamond smashed the world auction record for a

jewel yesterday, selling for more than $46 million (R324 million) to a

well-known gem dealer.


London jeweller Laurence Graff paid $46 158 674 for the 24.78-carat

“fancy intense pink” diamond, which he immediately named “The Graff Pink”.


“It is the most fabulous diamond I’ve seen in the history of my

career and I’m delighted to have bought it,” Graff said in a statement released

by auction house Sotheby’s.


The sale price was almost double the $24.3 million achieved by the

blue 35.56-carat Wittelsbach-Graff diamond in 2008.

That was also bought by

Graff.


“This is the highest price ever bid for a jewel at auction,” said

David Bennett, the head of Sotheby’s jewellery division, as the auction room in

Geneva’s luxury Beau Rivage hotel erupted into applause.


Graff raised eyebrows when he had the blue diamond recut after

purchase. Purists considered it an act of vandalism against a unique object.


It wasn’t immediately known whether he planned to alter the pink

diamond, which Sotheby’s says has a flaw unnoticeable to the naked eye but may

be graded as internally flawless after repolishing.


Sotheby’s said it sold jewels worth $105.1 million yesterday, also

a world record for a single sale.


The auction included items once belonging to Christina Onassis, the

daughter of the Greek shipping tycoon Aristotle Onassis, and Cristina Ford, the

second wife of Henry Ford’s grandson, Henry Ford II.


“I think this tells you a bit about the health of the market,”

Bennett told reporters after the sale.


Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.