White Diamond Fetches Record $30.6 Mn at Hong Kong Auction

by Bidita Debnath on  October 8, 2013 at 10:41 PM Lifestyle News   - G J E 4
At a Hong Kong auction, a 118.28-carat white diamond broke a world record when it fetched more than $30 million.
 White Diamond Fetches Record $30.6 Mn at Hong Kong Auction
White Diamond Fetches Record $30.6 Mn at Hong Kong Auction

The sparkling translucent stone was sold to a phone bidder at the Sotheby's auction for HK$238.68 million ($30.6 million) following bidding that lasted for more than six minutes.

The egg-shaped stone has been described as the finest of its kind ever to appear at auction. Earlier estimates valued it at $28-$35 million.

The stone, dubbed the "Magnificent Oval Diamond", was discovered in a deep mine in an undisclosed southern African country in 2011.

As a rough stone before being cut, it weighed 299 carats.

The stone, described by Sotheby's as "the largest D colour flawless diamond", has been given the highest quality rating awarded by the Gemological Institute of America.

"D colour" diamonds are rare and colourless and fetch premium prices.

The sale beat the record set at a diamond auction last year, when a 101.73-carat diamond was sold for $26.7 million.

Hong Kong has become a centre for jewellery auctions thanks to growing wealth in China and other parts of the region.

Source: AFP

Post your Comments

Comments should be on the topic and should not be abusive. The editorial team reserves the right to review and moderate the comments posted on the site.
User Avatar
* Your comment can be maximum of 2500 characters
Notify me when reply is posted I agree to the terms and conditions

You May Also Like

View All