AuctionsNews

Diamond auction set to break three world records

Sotheby’s Hong Kong is set to hold an “unprecedented” online auction of a 102.39 carat D Flawless oval diamond on 5 October.

According to 77 Diamonds, the piece is expected to sell for tens of millions of dollars, without reserve, selling to the highest bidder irrespective of the price offered. A reserve is a minimum price stated by the seller, below which they are not prepared to sell. 

Only seven diamonds weighing more than 100 carats of D colour have ever appeared at auction before. 

Tobias Kormind, the managing director of 77 Diamonds, said it was “unprecedented” for a diamond of this calibre to be offered without reserve.

He expects the auction to make history by setting three world records for: the highest price paid per carat for a white diamond at auction, the highest price ever paid for a white diamond at auction and the highest price paid for a jewel in an online auction.

He said: “The fact that the seller has effectively said they don’t care what this exquisite, exceptionally rare 102.39 D Flawless oval diamond sells for, and is therefore selling it without a reserve (a minimum price below which they won’t sell), is unprecedented. 

“It’s an expression, during a time of global economic uncertainty unseen for a century, of absolute confidence in current market forces and investor demand. The strategy is likely to work in the seller’s favour, given this top quality diamond is truly rare and perfectly cut.”

He added: “I anticipate very competitive bidding and I believe this diamond is likely to break three world records – the price per carat record of all white diamonds sold at auction ; the highest overall price paid at auction for a white diamond and thirdly the record for the most expensive jewel purchased in an online auction.”

The 102.39 diamond was cut from a 271-carat rough discovered in the Victor Mine, Ontario, Canada in 2018. 

Following its discovery, the rough was cut and polished over a year by Diacore, world-leading specialists in sourcing, cutting and polishing extraordinary diamonds, to “bring out its best brilliance, fire and scintillation”.

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