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Bidding War Results in Record-Breaking Diamond Sale

October 14, 2013 1 min read

 

(Photo: Vincent Yu, AP)

Two bidders competed for an impressive 118 carat oval shaped white diamond last week during the Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale. The diamond, which is the size of a small egg, sold for $30.6 million at a Hong Kong auction. The bidding between the two competitors took about six minutes, until one finally bowed out of Sotheby’s jewelry auction and diamond sale.

The diamond was cut from a rough diamond that weighed 299 carats. The stone was mined in Africa in 2011 and is the most significant and largest diamond graded by the Gemological Institute of America.­­­­ The country of origin has not been disclosed because the original owner wished to remain anonymous.

The auction is a twice-yearly event and draws wealthy collectors from all over the world, but mostly mainland China and other Asian countries.

Another highlight of the show, a rare, 7.59 carat flawless vivid blue round diamond failed to sell. We wrote about this blue diamond in August when the stone was estimated to sell for about $19 million.


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