The 32.01 carat, D color, flawless diamond diamond shattered previous records when it sold at Christie’s auction house for over $7.7 million to an anonymous bidder. Originally estimated to sell for around $5 million, the flawless diamond set a new per carat record says the auction house.
Rahul Kadakia, head of jewelry at Christie’s New York, said :
“For three-and-a-half hours, between 10:00 a.m. and 1:30 p.m. on Oct. 21 at Christie’s, it was as if the recession never happened,” he said. “Virtually every lot exceeded its estimate, and the $7.7 million Annenberg Diamond astonished even the most seasoned diamond dealer. It was an auction to remember. And if this were not enough, the sale started again at 2:30 p.m. and continued until 7:00 p.m., giving collectors opportunity to acquire exceptional masterpieces from the superb collection of Rare Jewels and Objets d’Art.”
For jewelers this may be a sign that high quality jewelry is still a viable business option, and may be an indication that the recession is coming to a slow end.
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