Video: 118-Carat Diamond Could Fetch $35 Million at Sotheby’s

By Erika Winters

On October 7, 2013, Sotheby’s Hong Kong will auction a 118.28-carat D-color, flawless-clarity diamond at its Magnificent Jewels and Jadeite sale. The diamond, which is approximately the size of an egg (more pictures here), is the largest D-flawless diamond to ever appear at auction as well as the largest oval-shaped D-flawless or internally-flawless diamond ever graded by the Gemological Institute of America (GIA).

The oval-shaped diamond, which is expected to fetch between $28 and $35 million, was cut from a 299-carat rough diamond found in Southern Africa in 2011. According to Sotheby’s, only four other diamonds of this quality weighing over 100 carats have ever been sold at auction:

• The Mouawad Splendour – 101.84 carats – sold for $12.8 million at Sotheby’s Geneva, 1990

• The Star of Happiness – 100.36 carats – sold for $11.9 million at Sotheby’s Geneva, 1993

• The Star of the Season – 100.10 carats – sold for $16.4 million at Sotheby’s Geneva, 1995

• The Winston Legacy – 101.73 carats – sold for $26.7 million at Christie’s Geneva, 2013

“Sotheby’s experience with diamonds of this size and quality is unparalleled. Over the course of the last 25 years, I have had the privilege of selling three perfect D colour stones weighing over 100 carats, each with its own distinct personality and presence. The present oval diamond is no exception – not only is it the largest and grandest by a significant margin, it
also is the most regal and proud of this elite group,” said David Bennett, chairman of Sotheby’s jewelry department in Europe and the Middle East.

The 118-carat diamond will be auctioned along with the 7.59-carat Premier Blue diamond, which is expected to fetch a world-record price of $19 million.

“Following our announcement of the Premier Blue, the world’s largest round Fancy Vivid blue diamond, Sotheby’s Hong Kong is extremely honoured to offer in our upcoming Magnificent Jewels and Jadeite sale a spectacular oval diamond of supreme importance, which is the largest D-Flawless diamond ever to appear at auction,” said Quek Chin Yeow, Sotheby’s deputy chairman, Asia.

The oval-shaped 118-carat D-flawless diamond is expected to fetch between $28 and $35 million at Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale.

In the video above, Quek Chin Yeow talks about the 118-carat D-flawless diamond and the 7.59-carat fancy-vivid blue diamond, the Premier Blue, which will both be auctioned at Sotheby’s Hong Kong this October. Video requires Flash. Watch at Youtube: Rare Diamonds Expected to Set Auction Records

More jewelry auction news:

Rare Diamonds, Custom-Designed Jewels to Highlight Sotheby’s New York Autumn Auction

Sotheby’s to Auction Rare 7.59-Carat Fancy Vivid Blue Diamond

101.73-Carat “Winston Legacy” Diamond Sets Auction Record at Christie’s Geneva