Graff Pays $8.3 Million to Own 50 Carat Diamond for Third Time

Time and again, a certain 50 ct. D-color potentially flawless mega-rock keeps coming back to Laurence Graff.

The London diamond magnate purchased the top lot at Christie’s New York Dec. 10 Magnificent Jewels auction—a ring that he originally designed, featuring a 50.01 ct. rectangular-cut D-color potentially flawless diamond. He paid $8.37 million, or $167,400 per carat, said the auction house.

Christie’s sold the same diamond for $4.2 million in 2005, meaning in the intervening years its price has nearly doubled.

“This is the third time that I have owned this beautiful diamond and I am as thrilled today as I was the first time,” said Graff in a statement. “This is one of the finest D-color diamonds in the world and I am delighted to have it back again.”

The sale also set two notable records:

• An ultra-rare 3.15 ct. reddish orange stone—the largest such stone ever graded at the Gemological Institute of America—sold for $2.09 million, setting a new world auction record for a reddish-orange diamond, and a new per-carat record of $666,200.

• An 8.91 ct. sapphire sold for $1.37 million, or $154,000 per carat, setting a new per-carat record for a Kashmir sapphire at auction.

All in all, the sale realized a total of $32.5 million, with sell-through rates of 84 percent by lot and 86 percent by value.

www.jckonline.com

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

Christie's Auctioning Legendary 76 Carat D-Flawless Diamond

Christie’s expects the world-famous 76.02 ct. D-IF Archduke Joseph Diamond to fetch $15 million at its Nov. 13 auction in Geneva.

While the auction house provided the $15 million figure, an official estimate will only be provided upon request.

While Christie's did not reveal the stone's current owner, it was once offered for sale by Pheonix jeweler Al Molina.

A Christie’s release calls the gem “one of rarest and most famous diamonds in the world.” The stone was discovered in the Golconda mine in India, the source of such legendary gems as the Koh-i-noor, the Hope, and the Regent. According to the auction house, “Golconda diamonds have a special whiteness often described as soft, watery, and pure, so that light appears to pass through the stone completely unimpeded.” The Archduke Joseph is the largest and most perfect Golconda stone to ever appear at auction.

The stone received its name from one of its owners, Archduke Joseph August of Austria, who passed it on to his son, Archduke Joseph Francis. The son is believed to have deposited the stone in a bank where it remained through World War II, escaping the attention of the Nazis. After decades of mystery, the diamond reappeared in 1962, and was then sold again at Christie’s in 1993, where it realized $6.5 million (the company says that figure is equivalent to $10.5 million today). 

“The magic of auction sometimes brings back great gems to our salerooms more than once,” François Curiel, international head of Christie's jewelry department, said in a statement said. “In November, we have the privilege to give both new and established collectors the opportunity to own a piece of history once again.”

www.jckonline.com

JAR's Ruby Brooch Raises a Stunning $4.3 Million for Charity

Cult-favorite jeweler JAR, aka Joel Arthur Rosenthal, set a new standard for pavé work with this circa 2003 floral brooch. Marrying various sizes, hues, and cuts of rubies, he set out to mimic the slight tone variations of real-life camellia petals—to spectacular effect.

The scarlet stunner—which sold for $4.3 million (well above its $1.5 million high estimate) at Christie’s Jewels for Hope: The Collection of Mrs. Lily Safra sale in Geneva on May 14—was offered as part of the largest single-owner collection of JAR pieces ever auctioned. (The 18 pieces earned $11.5 million for charity.) But this brooch “really is JAR at another level,” says Rahul Kadakia, head of jewelry at Christie’s. “JAR collected the rubies one by one over the course of I don’t know how many years. It’s a truly monumental creation, and it made a monumental price.”

-www.jckonline.com

Diamonds Sparkle at Christie's Opening Luxury Week Auction

A 22.46-carat rectangular-cut E-color diamond ring by David Webb sold above its estimate for $1.87 million, or $83,500 per carat, at Christie’s New York Important Jewels auction Tuesday. It was one of more than a dozen top-quality diamonds featured in the sale.


A 14.82-carat, pear-shaped E color VVS2 diamond also sold above its estimate for nearly $1.6 million, or $107,500 per carat.

A 15.65-carat circular-cut F color VS1 diamond sold above estimate at more than $1.5 million, or $98,300 per carat.

“Diamonds have been the flavor of the season, with top prices achieved in Geneva, Hong Kong and New York through spring 2012 as seasoned collectors and new economies went head to head for the best,” said Rahul Kadakia, Head of Jewelry, Christie’s Americas.

The jewelry sale at Chrsitie’s New York marked the first of four consecutive days of sales devoted to jewelry, watches, wine and 20th Century design that will be held daily until June 15. Known as “Luxury Week,” more than 1,000 items will be offered with a combined week-long total expected to exceed $23 million.

-http://www.forbes.com/

The Natural Sapphire Company Discusses Mark Zuckerberg and the Ruby Embargo

Ruby engagement rings are unusual in the United States, but in Asia, rubies are one of the most popular non diamond engagement rings. “Priscilla Chan’s choice of a ruby engagement ring isn’t so uncommon by traditional standards in Asia. It’s a conservative choice.” Says Michael Arnstein, a specialty ruby dealer in New York.
New York, NY (PRWEB) May 25, 2012
“What’s important to know is whether the ruby was imported legally into the United States. We’ve had a hell of a time legally importing rubies for the last 5 years.”

In the United States, Burmese rubies have been banned from import since September 2008. (ref JCK) Congress passed the Tom Lantos Block Burmese JADE Act in 2008 prohibiting the import of Burmese-origin rubies. The act also bans gems that originate in Myanmar but are processed, treated or manufactured into jewelry in third-party countries such as Thailand. This restriction closes a U.S. Customs loophole that allowed Myanmar-originating stones into this country, despite a federal ban that dated back to 2003.
Importer Obligations - Under the new regulations, importers continue to be required to certify that their rubies were not mined or extracted from Burma. Yet this is not strictly enforced. The exporter must provide “verifiable evidence” that tracks the ruby from mine to place of first export. Arnstein claims, “The ruby engagement ring purchased by Mark Zuckerberg can possibly be an illegal import.” Mr. Arnstein discusses this further in his recent Yahoo News interview.

Companies such as Tiffany and Co. and Cartier stopped selling Burmese rubies years ago because of Myanmar's human rights violations, and Jewelers of America has applauded the act's passage, encouraging member retailers to support international human rights by steering clear of the stones.

Evan Guttman, CIO of The Natural Sapphire Company in New York, “Ruby engagement rings have been a staple of our business for a long long time. We’ve had a number of recent calls from people looking for similar ring designs based on Priscilla’s ring. We’re not surprised, it’s something that many of our clients choose for in an engagement ring. Mark’s ring is estimated to hold a 3ct ruby with about 1ct of diamond side stones, set in 18k yellow gold, estimated to cost about $50,000.-65,000. if the ruby is of fine quality.”

China’s love for the red sun has kept the ruby industry thriving in Asia. Prices for fine quality rubies have skyrocketed in the last ten years as emerging economies in Asia demand more of the rare red gemstone.

Some recent auction results for fine quality rubies:
April 2005 - On April 12th at Christie’s New York sale a 8.01 carat oval-cut Burmese ruby sold for $2,200,000 to an Asian private after heated bidding on the phones, setting a world auction record price for a ruby at $274,656 per carat.

Feb 2006 - On February 17, 2006 in St. Moritz, Switzerland, a 8.62 carat Burma ruby sold for $3.64 million at Christie's "Important Jewels". This set a new world record price for an unheated Burma ruby at $425,000 per carat.

April 2011 - An important 6.29 carat Burma ruby sold for $1.32 million at Doyle New York's Important Estate Jewelry auction on Wednesday, April 13. International competition drove bidding on the ruby ring past the pre-sale estimate of $60,000-80,000 to reach a staggering $1,322,500. At over $200,000 per carat, this is one of the highest prices per carat ever achieved for a ruby at auction.

May 2012 – Christie’s Geneva Auction - The top lot of the sale was a 32.08 carats cushion-shaped Burmese ruby and diamond ring, known as “The Hope Ruby”by Chaumet, which sold for more than $6.7 million, well above its $5 million high estimate. It is a world record price for any ruby sold at auction.


-www.timesunion.com

Liz Taylor’s Jewelry Breaks Records at Christie’s

The Elizabeth Taylor collection of jewels surpassed expectations fetching record prices at Christie’s New York. The auction house reported that the first of the four day sale garnered $115.9 million, making it the most valuable jewelry auction in history. All of the 80 lots placed on offer were sold.

''For many, there was both the desire to share in the stories behind Elizabeth Taylor’s iconic jewels and to dream of perhaps acquiring one. For others, the sale provided the opportunity to purchase unique jewels, which brought Elizabeth Taylor such joy and reflect her remarkable taste and connoisseurship,'' said François Curiel, the international jewelry director and president of Christie’s Asia.

The top lot sold yesterday was ''La Peregrina'' (pictured), a natural pearl, diamond, ruby and cultured pearl necklace by Cartier which fetched $11.8 million, well above the high presale estimate of $3 million, and setting a record for a pearl jewel sold at auction.

The famous ''Elizabeth Taylor Diamond,'' a rectangular-shaped, 33.19-carat, D, and potentially flawless diamond sold for $8.8 million, or $265,697 per carat, to a private Asian buyer. The diamond was given to Taylor in 1968 by her husband at that time, Richard Burton, and had a presale estimate of $2.5 million to $3.5 million, and set a new auction record for a colorless diamond per carat.

The third top lot was ''The Taj Mahal Diamond,'' which was a gift from Burton on Taylor's 40th birthday. The piece is an imperial Mughal Spinal necklace weighing 1,131.59 carats set with an inscribed heart-shaped table-cut diamond sold for $8.8 million, against a presale estimate of $500,000.

Other big sellers included an 18.26-carat, emerald and diamond pendant brooch by Bulgari, which sold for $6.6 million, or $360,268 per carat, while an emerald and diamond necklace by Bulgari fetched $6.1 million.

In total, seven new auction records were set, including the price per carat for a colorless diamond and for a ruby; a pair of natural pearl ear pendants; a pearl jewel; an Indian jewel and an emerald jewel, Christie’s reported.

Marc Porter, the chairman of Christie’s America’s, noted that the auction drew in bids from all over the world. In the run up to the event, Christie’s took the collection to Hong Kong, Moscow, London, Tokyo, Los Angeles, Dubai, Geneva and Paris. ''Thousands of collectors and admirers braved long lines to get a glimpse of one of the greatest collections of all time,'' he said.

The second and third sessions of the jewelry collection will take place December 14, along with Taylor’s iconic haute couture collection. Her fashion and accessories collection is scheduled to go under the hammer on Thursday while her fine and decorative art and film memorabilia is scheduled to be auctioned on Friday. Taylor’s impressionist and modern art collection is scheduled to be auctioned in February by Christie’s London.

Taylor was 79 when she died on March 23, 2011.

-Rapaport

Graff pays $4 million for white diamond...by Graff

London-based jeweler Laurence Graff paid nearly $4 million to buy back a white diamond ring of his own creation at a sale where wealthy investors seeking alternative assets snapped up top-quality gems, Christie's said on Thursday. Graff, whom close associates said was in China this week, made the winning bid by telephone to the semi-annual jewelry sales in Geneva on Wednesday night, the auction house said.

"He bought it back and he will sell it a second time," Jean-Marc Lunel, head of Christie's jewelry department in Geneva who conducted the sale, told Reuters.

"He is the King of Diamonds and recognizes his babies. The stone is fabulous and in great shape in terms of cut, color and clarity," he added.

The oval-shaped diamond, weighing 24.30 carats, is graded 'D' color and potentially internally flawless if repolished slightly on the surface, according to Lunel.

It was put on the block by an unidentified woman and had a pre-sale estimate of $2.9 million-$3.5 million, according to the catalog.

Christie's, owned by French billionaire Francois Pinault, netted 56.26 million Swiss francs ($61.37 million) from the event, with 77 percent of the 361 lots on offer sold, it said in a statement.

A gray diamond weighing 10.67 carats, which had been estimated at $120,000-200,000, soared to $1.19 million, a world record price for a gray diamond, according to Lunel. Earrings made of pear-shaped Colombian emeralds and diamonds fetched $3.078 million, also a record price at auction, he said.

"What is in the mid-range or not so attractive doesn't sell well. But what is exceptional sells at astronomical prices -- colorless diamonds, colored diamonds and colored gems including rubies from Burma (Myanmar)," Lunel said.

"There are more and more private collectors, clients looking for new investments. They are looking for top, top quality gem stones, to put their money into something that will not melt," he said.

Graff, who often attends auctions, is a self-made diamond merchant who became one of Britain's richest men with an estimated worth of around 2 billion pounds ($3.2 billion).

Graff Diamonds plans to raise about $1 billion in a Hong Kong listing next year, a move to fund further expansion in Asia and capitalize on booming demand for high-end gems in China and India.

"I think it is a clever move because he is number one today. He still has room to expand everywhere," Eric Valdieu, a jewelry expert formerly with Christie's who has launched an investment fund "Divine Jewels", told Reuters.

"It is a very expensive business. Therefore, if he wants to go faster he needs large financial support," he said.

Graff's glittering stores sit on the world's most exclusive shopping streets, including the posh rue du Rhone in Geneva.

"When I see his inventory, the quality of his merchandise, the beauty of his shops, how cleverly everything is run, I can only suggest to people to go for it -- if people want to invest with a retailer," Valdieu said.

"They are investing with someone who knows what he's doing," the Frenchman added.

Rival Sotheby's sold the "Sun-Drop Diamond", a huge yellow diamond weighing 110.03 carats for $12.36 million, a world record for a yellow diamond, in Geneva on Tuesday night.

-Reuters