$3.6m cushion cut-diamond ring dazzles bidders in New York auction



2015-06-26 12:02:41

$3.6m cushion cut-diamond ring dazzles bidders in New York auction

This gem shone brighter than the rest, despite a World Record price per carat for another lot in the sale

On Tuesday, Christie's held a sale of New York Jewels in that city which shows the continuing strength of that market worldwide, especially in Asia - seven of the ten most valuable lots selling to private Asian collectors.

Three lots brought seven figure sums, and of their final prices were in excess of their estimates:

An elegant pear-shaped light pink 12.50ct diamond ring sold for $1,482,500 (that's $119,000 per carat) to an Asian collector after a short bidding battle which saw it rise clearly above its $800,000-1,200,000 estimate.

A modified square-cut fancy intense orangey-pink 10.19ct diamond ring, with the main gem flanked on either side by a shield-shaped diamond and set in rose gold and platinum, was bought for $2,322,500, above its estimate of $1,000,000-1,500,000 to William Goldberg.

In many ways this was the biggest story of the auction, as it was a world record price per carat for a diamond at auction, as well as being a record for a fancy intense orangey pink diamond overall.

However, top lot status went to an exquisite cushion-cut diamond set in platinum. That diamond is a D colour, VVS1 Type IIa diamond weighing 27.03ct. Type IIa diamonds are the most chemically pure type of diamond and often have exceptional optical transparency.

Cushion cut diamond ring (Type IIa)

Estimated at $2.5m-3m, it beat even this strong estimate following some frenetic bidding to sell to an Asian collector for $3,554,500.

Rahul Kadakia, Head of Jewelry for Christie's Americas commented: "As a sign of the resurgence of the market, a cushion-cut D VVS1 diamond of 27 carats achieved $131,500 per carat in this sale, versus $130,000 per carat for a 30-carat D colour Flawless diamond sold in New York at this time last year.

"This represents a 45% per-carat increase in the value of top diamonds in just 12 months time. A fitting close to the spring Jewelry season at Christie's U.S., which achieved a grand total of $56 million in sales."

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