Diamond breaks world report for on-line public sale bid

Diamond breaks world record for online auction bid

A 102.39 carat D Flawless oval diamond has been offered at Sotheby’s Hong Kong public sale for $15.7m (£12.2m), breaking the world report for the best worth ever bid for a jewel in an internet public sale. 

Earlier than its sale, the best value paid for a jewel in an internet public sale was $2.1m (£1.6m) at Christie’s in July for a 28.86 carat diamond.

The jewel marks the eighth diamond weighing greater than 100 carats of D color to have ever appeared at public sale. 

Commenting on the sale, 77 Diamonds managing director Tobias Kormind stated: “Throughout this time of worldwide financial uncertainty, unseen for a century, US$15.7m (£12.1m) is a steal for this beautiful 102.39 D Flawless diamond. Savvy traders are presently falling over themselves to amass different secure haven belongings like diamonds, property and gold. 

“With valuations of some shares and shares overheated, others displaying alerts of misery, income-generating belongings offering low to unfavorable yields and excessive unemployment very a lot on the playing cards, demand for different belongings stays buoyant and resilient.”

He added: “I’m disenchanted the ultimate value wasn’t increased. In an unprecedented transfer for this calibre of stone, the vendor was ready to half with this stone with out placing a reserve on it (a minimal value beneath which they aren’t ready to promote), a courageous choice that has come again to chew them, reaching a lower than optimum value. 

“Regardless of this, the Hong Kong location of this sale confirms Asia’s place as a permanent powerhouse of latest wealth creation and luxurious demand, which has weathered Covid-19 higher than the West.”

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