Coloured diamonds prove to be headline acts

Posted December 02, 2014 | By Stephanie Chan • Staff Journalist

Coloured diamonds have headlined two recent auctions, breaking world records at both sales, while record-breaking prices could also be a reality for a newly discovered 40-carat rough ruby.

During a recent Sotheby’s sale in New York, a 9.75-carat, pear-shaped fancy vivid blue diamond simultaneously set two new world auction records: price for any blue diamond; and price-per-carat for any diamond.

It was said that seven bidders competed for the stone for 20 minutes before a private collector from Hong Kong secured the diamond for US$32.6 million (AU$38.7 m), equating to US$3.2 million per carat (AU$4 m).

The diamond formed part of a jewellery collection that once belonged to the late American socialite Rachel Lambert Mellon, wife of philanthropist Paul Mellon.

A 2.09-carat fancy red diamond was sold for more than $2 million per carat

Two new world records were also made at a Christie’s auction on Tuesday 25 November with the sale of a red diamond ring designed by London-based Moussaieff Jewellers. The 2.09-carat, heart-shaped fancy red diamond was set in the centre of six petal-shaped white diamonds on an 18-carat white gold ring.

The piece was sold as part of the Christie’s Hong Kong Magnificent Jewels auction for HK$39.3 million (AU$6 m) or HK$18.8 million (AU$2.9 m) per carat.

Vickie Sek, deputy chairman of Christie’s Asia and director of Christie’s jewellery and jadeite department, commented, “One of the finest red diamonds ever offered for sale achieved a world record price of well over $2 million per carat. It is also the most expensive red diamond ever sold at auction.”

Important ruby unearthed
Meanwhile, UK-based gemstone mining company Gemfields has discovered a 40.23-carat rough ruby at its Montepuez deposit in Mozambique, Africa.

According to a statement by Gemfields, the gemstone was “believed to be one of the most important rubies unearthed in recent times” and would “set a benchmark for the quality of African rubies”.

Daniel Nyfeler, managing director of Gübelin Gem Lab in Switzerland, which appraised the ruby, said, “Although difficult to judge in the rough state, the transparency and colour of the crystal indicate an important gemstone might be cut from this piece of rough.”

The ruby will reportedly be sent to Singapore for auction this month.