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Articles from DIAMOND JEWELLERY (975 Articles), PLATINUM JEWELLERY (51 Articles)
Sotheby's red diamond
Red diamond fails to sell
Posted April 20, 2010 |
A rare red diamond, tipped to break an Australian price record, was ignored at auction after buyers baulked at its lofty price tag.
Estimated to sell for between $700,000 and $1 million, bidding for the diamond did not pass $490,000.
Auctioneer Sotheby’s was still hopeful a deal would be secured over the next few days, with negotiations ongoing between a number of interested parties.
Even if the $490,000 bid was successful, it would have broken the Australian record for a jewellery auction, which is $456,000 for a 5.34-carat brilliant cut diamond in 2007.
The 0.82-carat fancy purplish-red Argyle diamond is claw set between a pair of fancy blue diamonds in a round brilliant cut diamond surround, mounted in platinum.
Garry Holloway, director Holloway Diamonds, said the exaggerated estimates may have frightened bidders away.
“Perhaps they need lessons from Melbourne real-estate agents who often underestimate house values by one third to get a bigger crowd,” he said.
Based on his experience, Holloway said a fair estimate of the price of the diamond might be “about $250,000, plus the price of the ring and the blue diamonds”.
Sydney diamond collector Margot Fitzgibbon had a different view, telling the ABC after the auction that she planned to make a quiet offer for the diamond.
“We believe that they're some of the best investments around," she said.
"You don't buy a diamond like that to put on your ring, but it's the beauty and the investment."
The red diamonds are unique to Rio Tinto’s Argyle Mine, where they were first discovered in 1987.
Only a few are released each year.
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