Oval Diamond Sold at US$ 30 M

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The Magnificent Oval Diamond of 118.28 carats has been sold for US$ 30 Million (30779934) at Sotheby’s Hong Kong.

This colourless diamond of 118.28 carat, is the largest D colour, type IIa diamond of precise symmetry, to be sold at an auction.

The Magnificent Oval Diamond

*Image: Sotheby’s

The Magnificent Oval Diamond was expected to command an exceptional price ranging US$28/35 million at the auction on Oct 7,2013. This flawless beauty went through months of cleaning and polishing to acquire the brilliant cut that it flaunts today. It weighed 299ct as a rough rock, when found in Southern Africa a couple of years back.

History of flawless colourless Diamond auctions: Thus far, there are only 4 colourless diamonds of over 100 carats and similar quality that have been auctioned and sold. Three of these flawless diamonds were sold between 1990-1995.

However, the year 2013 will turn out to be an exceptional year in the history of such auctions. The sale of the ‘Magnificent Diamond’ will be the second massive flawless, colourless Diamond to be auctioned this year.

*Image Christie’s
Earlier in 2013, a 101.73ct pear-shaped diamond was won by the highest bidder – ‘The Harry Winston Company’, at a Christie’s auction in Geneva. The Diamond is a flawless D colour, type IIA gem.

It was sold at the highest price at which a colourless diamond has ever been auctioned – i.e. more than 26 million dollars ($26,737,913). Called the ‘Winston Legacy’ , this supremely precious gem was found in a Botswana mine and initially weighed 236 carat before the cleansing and polishing process – that took nearly 21 months!!