| Diamonds are the priciest gemstones in the world. The stone has a distinct beauty on its own and even more when fixed in a setting as an engagement ring or a pendant. Some people like it set in a piece of jewelry while there are others who prefer the pure aesthetic value of the diamond as a loose stone. But whether it’s set in a jewelry or as a loose diamond, people who own this stone would want to keep it protected from theft, loss or other casualty by having them insured. ... Read More |
Loose Diamonds Auctions And Auction Houses
Diamonds symbolize love and eternity. A diamond is forever, so pronounced an advertising slogan of De Beers, the world’s largest diamond producer. However, not all owners of this precious stone keep their diamonds for their lifetime. Many have been sold through auctions fetching hundreds of thousands or even millions of dollar.Insuring Your Diamonds The Right Way
Loose diamonds are among the popular types of this rare stone to be auctioned off in the different parts of the world. By loose, it means the stones are not set in a jewelry piece. Loose diamonds can either be the natural colorless ones or the fancy colored stones.
The colorless diamonds are those formed naturally while the colored ones can either be formed naturally or man-made. Loose diamonds that have natural color are very rare and thereby command a much higher price. Some fancy colored stones may also sell at a high price but most are available to the average person at affordable rates.
Auction process
Auctions are an effective way of selling goods and services at bargain rates. They are also ideal for buyers on a hunt for rare and collectible items at great prices.
An auction involves the bidding of items for sale and awarding the product to the highest bidder. There are several variations, though, that include time limits, minimum or maximum time limits on bid prices and special rules to determine the winning bidder and sale price.
Bidders to the auction can take part in various ways either in person or through remote means via the telephone and internet. The seller normally pays a commission to the auctioneer or the auction house based on a certain percentage of the final sale price.
Today, auctions are not only limited to auction houses. With the advent of the internet, even auctions can now be held online making it more convenient to very busy people. The online auction process is done through an auction software which regulates the different processes involved. Apart from the convenience, online auction has no time and geographical constraints, provides quick access and has the potential for low prices.
Record-breaking auctions
Several large and rare diamonds have been auctioned off in various parts of the globe fetching millions of dollars. Some record-breaking diamond auctions are listed below.
In October 2007, a flawless blue diamond was sold for US$7.98 million. The sale was said to be the most expensive gemstone per carat made at auction after intense bidding. The 6.04 carat blue diamond fetched $1.32 million per carat breaking the 20-year-old record held by a red diamond. The Hancock Red diamond was sold at US$926,000 per carat at the time.
In March 2008, a record breaking sale of a heart shaped diamond also took place at the Fellow & Sons auction house in the Jewellery Quarter of Birmingham, U.K. The diamond was sold for 45,000 sterling pounds to an anonymous bidder. The 10-carat pendant was initially estimated at only between 25,000 and 30,000 pounds but stiff competition caused the sale price to reach record levels. The pendant came with an 18-carat white gold link chain with two smaller diamonds.
In May 2008, a large colorless diamond about the size of a ping pong ball was sold at auction in Hong Kong fetching more than $6 million. The 101.27 carat diamond was a record breaker being the biggest to be sold at the Christie’s auction house in 18 years and in the whole of Asia. It also became the biggest jewellery sale ever done by Christie’s. The diamond set in a tiara was sold by an anonymous private individual and bought by a first-time auction buyer from Hong Kong who placed his bid over the phone.
June 2008 also saw the auction of a flawless 38-carat diamond owned by Athina Onassis, daughter of billionaire Greek shipping magnate Aristotle Onassis. The diamond originally belonged to Athina’s mother, Christina. The pear shaped diamond set in a pendant fetched 3.625 million sterling pounds during a jewelry auction at Christie’s in London. So far, Athina has already sold 44 of her mother’s jewels at 6.8 million sterling pounds. Her diamond jewelry was among the 230 lots in the sale.
Another world renowned auction house, Sotheby’s, has its own story to tell. Sotheby’s Hong Kong offered a very rare pear-shaped white flawless diamond in April 2008 during its Magnificent Jewels and Jadeite Sale. The 72.22-carat supreme quality stone was estimated to cost US$9.5 million to $12 million because of its GIA-graded excellent polish and symmetry as well as its unique pear shape. Originally cut from a188.11-carat diamond, the stone features an outstanding brilliance and clarity.
Sotheby’s has been privileged to auction off some of the most rare and expensive diamonds of the world. One of them is the record-breaking 84.37 Chloe Diamond white flawless stone sold in Geneva in November 2007 for more than US$16 million. Another one is the 100.10-carat pear shaped white flawless star of the season which fetched more than US$16.5 million in May 1995.
In the whole of Asia, Sotheby’s has also played a major role in offering the best diamonds to even the most discerning collectors. It has established several impressive records in recent years. One was the 6.04-carat fancy vivid blue diamond ring bought for nearly US$8 million in October 2007. The blue stone fetched the highest price per carat for any gemstone breaking the 20-year world auction record.
Meanwhile, a fancy vivid pink diamond weighing 10.04 carats was sold by Sotheby’s Hong Kong for more than $6 million in April 2006. The sale established a new record for western jewelry and for a pink diamond at auction in Asia.
Finally in November 2004, the auction house sold an 88.8-carat emerald-cut white flawless diamond for more than $6 million. The sale was a record for a colorless diamond auctioned off in Asia.
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