In today’s economic climate, it may seem that no one is buying anything - especially something as precious as a diamond. A recent Chicago auction has proved that notion incorrect. Many who have the extra cash tend to buy up collectibles and other tangible luxuries when the market turns scary. Diamonds have long been considered a rarity and natural treasure, no matter the climate. It may be quite possible that they hold their value through even the toughest times, possibly largely due to the rich and famous who continue to purchase them.
The auction held in Chicago brought bidders from far away places like Hong Kong, Italy, Mexico, Australia, Hungary and Singapore. Many lots of jewelry continued to sell at an average of $100,000, and the buyers did not blink an eye at these prices.
Of notable purchase was an extremely rare, yellow diamond ring that was submitted by a local family. Their mother had worn the ring on her third left finger before bequeathing it to the younger family members. It is unclear why the family chose to sell the ring, as they did realize the worth of the 5.44 carat sparkler. However, twelve people started bidding against each other to win the bauble, and a New York jewelry dealer won the piece for a total of $144,000. This was four times the expected sale price, much to everyone’s surprise.
The sale of the ring reflects not only the maintained market for diamonds, but also reinforces the trends and fashions we see in Hollywood jewelry. Rare colored diamonds and vintage styling are most popular currently. This yellow diamond was set in an 18k white gold setting from the 1960s.
Due to the rising interest in colored diamonds recently, many yellow diamonds have been offered. However, this ring set a new record for recent yellow diamond auction bids.
Yellow, red, pink, black and blue diamonds are not only popular due to their colorful fashion statement. They are also much more rare than any white diamond, thus an important statement of status and wealth. Only 1 carat of colored diamonds for every 100,000 carats of white diamonds are ever mined.
Other recently sold high-dollar diamonds include a sapphire and diamond ring totaling $656,000, or twice the estimated sale. Another diamond also doubled its sale price estimate and sold for $470,500. The standing record for a diamond sold at auction was set in 1995 when a 100.1 carat white diamond was purchased for a total of $16.5 million.
Huge diamonds are also expected to bring big dollar signs at a New York sale this fall. The famous 316 carat Ponaholo diamond has yielded four stones, two of which took 18 months to create. The Ponaholo was mined in 2005, and the two stones considered the most valued are 102 and 70 carat stunners.
The larger diamond is expected to sell for $4 million, and the smaller is predicted to find a new home for $2.2 million. If the current trend proves correct, they may sell for almost twice that amount. Russell Simmons, hip-hop’s main man, and model Kiara Kabukuru revealed the diamonds to the press this week.
Many of the world’s largest diamonds can be found on display at many points of interest. The largest diamond, the Cullinan diamond, weighs in at 3,106 carats and is displayed at the Tower of London. All royal jewels are held there, and the Cullinan was cut into three separate pieces. The Cullinan I, also known as the Star of Africa, is found on the famous Sceptre with the Cross. The Lesser Star of Africa, the Cullinan I’s smaller counterpart, can be found in the Imperial State Crown.
The Louvre of Paris houses the 137 carat Regent diamond, quite possibly the most famous colored diamond due to its deep blue hue. A 108 carat stone called the Taj-Imah is contained in Iran’s crown jewels, and the Orlov, a 189 carat gem, resides in the Kremlin.
It seems that regardless of what the economy is doing, high-quality items continue to hold their value, and may quite possibly exponentially grow in value. Rare and antique furnishings, vehicles and diamonds are following suit.
Although the rich and famous continue to purchase the collectible items, laymen may visit the large rocks on public display around the world. These carat monsters initiated our preoccupation with large diamonds today.
Hollywood and international elite are found wearing increasingly large stones in both bridal and red carpet jewelry today. Each new bride seems to override the popularity of the last one, stopping the show with the latest monstrous design. Celebrities are also cashing in on the rare cuts and colors available in the latest fashions. Rose cuts were seen at the Oscars and Emmys this year, as well as colored metals and black diamonds.
