Ponahalo Diamonds sell for $6.3 million

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Ponahalo Diamonds sell for $6.3 million

October 16, 2008

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Amer Radwan of Radwan Diamond and Jewelry Trading in Dubai paid $6.3 million for the 70.87-carat and 102.11-carat Pohahalo diamonds at a Christie's auction on Oct. 15.

New York--The Ponahalo Diamonds, the two stones cut from a 316.15-carat piece of rough mined in South Africa, sold for more than $6 million at a Christie's auction held on Oct. 15 in New York City.

The buyer, Amer Radwan of Radwan Diamond and Jewelry Trading in Dubai, United Arab Emirates, paid $4.11 million for the 102.11-carat Ponahalo diamond, while the smaller stone, weighing in at 70.87 carats, sold for $2.15 million.

A portion of the proceeds from the sale of the Ponahalo Diamonds, which were cut by the Steinmetz Diamond Group, will go to the Diamond Empowerment Fund (DEF), the non-profit organization co-founded by music mogul Russell Simmons that uses diamond profits to educate and empower Africans.

"I'm extremely pleased at the way this initiative for educating and empowering Africans through the sale of diamonds is taking off," Simmons said in a media release. "We are thankful to Steinmetz for choosing the Diamond Empowerment Fund and, through the DEF, the students at the Maharishi Institute for this great gift."

The Ponahalo diamonds are the world's largest Forevermark stones. Forevermark is the diamond brand recently launched by De Beers.

The stones were the highlight of Christie's "Jewels: The New York Sale" and "Superb 20th Century Jewels from an American Collection" sales, held on Wednesday in New York City.

The sales totaled $29.4 million.

Other notable gems sold include a rectangular-cut 7.02-carat fancy-intense blue diamond for $3.61 million and a pear-shaped 5.6-carat fancy-intense purplish-pink diamond ring, which Alisa Moussaieff purchased for $2.71 million.

As Christie's winds down from the sale of the Ponahalo Diamonds, Sotheby's is preparing for its "Magnificent Jewels" sale, scheduled for Nov. 19 at the Beau-Rivage Hotel in Geneva.

Included in the sale will be the famous Lesotho I diamond, an emerald-cut 71.73-carat diamond cut from the 601-carat piece of rough mined in the 1960s in the African kingdom of Lesotho.

This is the first time the stone--which was cut by famed jewelry house Harry Winston--has been offered at auction since the present owner purchased it from Harry Winston himself.

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