50-Carat Diamond Jewels Main Attraction Of Christie's Estimated $35 Million Auction

We are under a month away from the new James Bond movie, Skyfall.  Adele has done the title song which People Magazine has likened in style to the iconic “Diamonds are Forever” title song belted by Welsh singer Dame Shirley Bassey back in 1971.

After almost 40 years, the Bond “diamond” song has a melody and lyrics with luster so brilliant, it lingers in our collective “007” movie memories.  Such is the power of diamonds…

On October 16, Christie’s New York will hold its fall jewelry auction, called “New York Magnificent Jewelry”, with some very big diamonds, rare natural pearls and signed jewels. The 372 lots will be sold in two sessions with a pre-sale estimate of $35 million.

A trio of diamond jewels–earrings, a pendant and an “intense” yellow stone–are the sale headliners. The clear and yellow-stoned earrings weigh over 117 carats (est. $4,500,000 to $6,500,000).  I was a little concerned that the gems might be too hefty for the average earlobe, but was assured they were “very wearable”.

What does 50 carats feel like in the palm of your hand?

“Like a quail egg,” said Rahul Kadakia, head of jewelry for Christie’s Americas and Switzerland, in a clipped British accent.

Kadakia, who says he sleeps and breathes diamonds, covets the 50 carat pear-shaped diamond, which is so pricey its estimate is available upon request. “It’s superb in the way it’s cut.  Textbook—a really special stone.”

And for those into yellow, there’s a 68 carat diamond estimated to sell between  $2,200,000 and $3,200,000.

Christie’s hopes to attract important private collectors from the Middle East, Russia and China as well as more experienced American and European buyers “who have been buying for hundreds of years,” said Kadakia.  “Those seasoned buyers who hope to add something new to their collection—maybe a stone with a new shape or size.”

But for those considering investing in diamonds, is it the right time to buy?

“In the last 16 years, the market has gone up 200%,” said Kadakia.

If true, those in 1% will like the 200% rise.

www.forbes.com