'Greatest' white diamond on show in NYC

2013-09-05 14:02
The 118-carat white diamond is on display at Sotheby's, a New York auction house. (File, AP)

The 118-carat white diamond is on display at Sotheby's, a New York auction house. (File, AP)

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New York - A New York auction house is showing off what it calls the world's greatest white diamond on the block - a 118-carat stone from Africa the size of a small egg.

The oval diamond glistened in its glass case on Wednesday at Sotheby's Manhattan headquarters, not yet mounted after it was mined and cut two years ago. It will be auctioned in Hong Kong on 7 October and has a pre-sale estimate of $28m to $35m.

In terms of size, quality, polish and color, "this is the greatest white diamond we've ever had the privilege to sell," said Quek Chin Yeow, deputy chairperson of Sotheby's Asia and an international diamond expert.

The stone was discovered in 2011 as a 299-carat rough diamond in a southern African country whose name Sotheby's declined to disclose.

When asked why they could not give the exact source, auction house officials said the owner wishes to remain anonymous and that was the agreement.

The current record for any white diamond is $26.7m. That pear-shaped stone was over 101 carats. It was sold at Christie's in Geneva last spring.

Three other white diamonds over 100 carats were auctioned by Sotheby's - in 1990, 1993 and 1995.

The white stone is part of a line-up of jewels up for auction that also includes a flawless, round, vivid blue diamond, worth an estimated $19m at 7.6 carats.

It's the largest, most significant such diamond graded by the Gemological Institute of America.

The reason these stones are going on the block in Hong Kong, Quek said, is that it has become a centre for jewellery sales and it's there that the $1.7m record price per carat for vivid blue diamonds was set - with the sale of a 6-carat blue diamond for $10.2m in 2011.

Blue diamonds - more rare than white ones - are from the same colour family as the famed Hope Diamond, though a different hue. The Hope Diamond, which belongs to the Smithsonian Institution in Washington, is not for sale.

Read more on:    sotheby's  |  china

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