Big Diamonds Bring Big Dollars

While the tough economic times have affected the average diamond shopper, the extremely wealthy shoppers are on a buying spree.  At Christie’s jewelry action October 21 in New York, it was as if the recession never happened.

An anonymous buyer purchased a 32.01-carat D color, Internally Flawless, type IIa Asscher cut diamond ring for $7.7, which was almost double the $3 million to $5 million pre-auction estimated value.  At $240,000 per carat, the sale set a new world record for a colorless diamond.

The Annenberg Diamond’s previously owner was Leonore “Lee” Anneberg, who died in March at the age of 91.  She was the US Chief of protocol in the Reagan administration and was the wife of billionaire publisher Walter Annenberg, who died in 2002.

A 16.33-carat round diamond with E color and Flawless clarity was purchased for $1.6 million ($97,000 per carat) by a private Asian dealer.  Other items that sold for more than preliminary estimates included belle époque diamond and rock crystal bow brooch by Cartier (sold for $1.1 million, estimate $200,000 to $300,000) and a Harry Winston emerald and diamond necklace (sold for $950,500, estimate $500,000 to $700,000).

Other big dollar items sold at the auction included a pair of pear pendants with a 7.18-carat Fancy-Blue pear-shaped diamond and an 8.04-carat Fancy Light Pink colored pear-shaped diamond, which sold for $1,426,500.  A pair of earrings featuring D color, Internally Flawless pear-shaped diamonds (7.51 carats and 8.18 carats) sold for $1,202,500.