Mark the date, location and vital statistics in your diary – 15th November, 2011, Sotheby’s Geneva, 110.3 carats and USD 12.36 million. So, what gives?
The “culprit” was an enormous pear-shaped diamond that was auctioned for the first time, and goes by the moniker of the Sun Drop Diamond. The diamond was certified by gemmologists as "fancy vivid yellow," the rarest and most desirable color for a yellow diamond. The price, inclusive of commission and taxes, sets a world record for a yellow diamond and was the top lot at Sotheby’s semi-annual jewellery sale. It was sold to a private individual phone bidder who preferred to remain anonymous.
The 110.3-carat Sun Drop Yellow Diamond
Image creit: Sotheby's
This result is further evidence of how much of a safe haven fancy color diamonds are, particularly in times of economic and social uncertainty. However, like the Sun Drop, the stones must be of the highest order.
The Sun Drop is one of the largest diamonds of any color to have ever appeared at auction. The stone, which was discovered in South Africa in 2010, had a pre-sale estimate of $11-15 million. It was cut, polished, and put up for auction by New York-based, Cora International.
The Sun Drop Diamond mounted in a yellow gold ring for presentation
Image creit: Sotheby's
But the Sun Drop wasn't the only diamond sold at the auction. The president of SAFDICO USA Inc (South African Diamond Corporation), Hoda Esphahani, bought two yellow diamonds of his own – an unmounted cushion-shaped old stone and a fancy vivid yellow set in a simple ring.
SAFDICO is the manufacturing arm of world renowned, London-based jeweller Graff Diamonds, owned by the legendary Laurence Graff. It is Esphahani’s belief that yellow diamonds have become rarer and are achieving higher prices. In her opinion, "I think top vivid diamonds are still now underpriced. I think they will go much higher because they are rare."
And what would a drop of sun be without the blue of the sky in which to frame it? A 4.16 carat fancy vivid blue brilliant-cut diamond was sold for USD 4,262,587 or just over USD 1 million a carat. This was at the upper range of its USD 3,300,000-4,300,000 estimate.
Let yourself explore the world of Fancy Yellow Diamonds and visit Leibish & Co. today!