Colorless diamonds move at Christie's auction

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Colorless diamonds move at Christie's auction

April 23, 2009

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New York--Christie's latest jewels sale garnered almost $20 million and sold 85 percent by value, staring off the spring auction season on a positive note, the auction house announced on Thursday.

Held on April 22, "Jewels: The New York Sale" garnered $19.3 million, including the sale of a 30.02-carat, pear-shaped, D-color, type IIa, internally flawless diamond.

The diamond, purchased by a private buyer, sold for $4 million, or $133,000 per carat.

Rahul Kadakia, Christie's head of jewelry, said the $133,000-per-carat price is in line with what similar stones sold for at this time last year, before the economic crisis nearly crippled the diamond market.

"With more than $130,000 per carat achieved for a perfect diamond of 30.02 carats, the market for colorless diamonds remains absolutely firm and very much in line with prices realized for similar stones this time last year," he said. "The sale attracted buoyant participation from private collectors and members of the trade from all over the world, setting a great tone for the spring jewelry auction season."

Other diamonds sold at the auction include a 32.72-carat, rectangular-cut, D- color, VS1-clarity diamond that garnered $1.7 million, or $50,400 per carat from a private buyer, and a 15.05-carat, type IIa, pear-shaped, D-color, VVS2-clarity diamond pendant by Harry Winston.

Bought by a member of the U.S. trade, the pendant sold for $986,500, or $65,000 per carat.

Also sold at Wednesday's auction was a cushion-cut, 6.76-carat Burmese ruby and diamond ring, purchased by a private Asian buyer for $866,500, or $128,000 per carat, and a pear-shaped, fancy vivid yellow, VS2-clarity diamond of 10.46 carats, purchased by a member of the European trade for $386,500, or $37,000 per carat.

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