GENEVA, Switzerland — “The Rock”, the
biggest white diamond ever to be sold at auction, will go under the hammer in
Geneva on Wednesday and could fetch up to $30 million — or more.
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The 228.31-carat stone, larger than a golf ball, is
“a truly exceptional pear-shaped diamond”, said Max Fawcett, head of the jewels
department at Christie’s auction house in Geneva.
It is “the largest white diamond ever to be offered
at auction”, he told AFP at a preview.
The Magnificent Jewels auction at the luxury Hotel
des Bergues in Geneva begins at 1400 GMT.
The Rock, currently in the hands of an unnamed owner
from North America, is lot 26 in the sale and could break records at the sale.
“It’s perfectly symmetrical and is estimated at $20
to $30 million — and I expect there to be fireworks” at the auction, Fawcett
said.
The equivalent in euros is 19 to 28 million.
The expert said that there were only a handful of
diamonds of similar size and quality to The Rock. The Christie’s record for a
similar white diamond is $33.7 million, fetched in Geneva in 2017 for a
163.41-carat gem.
The large diamond was extracted from a mine in South
Africa in the early 2000s and has been shown in
Dubai, Taipei, and New York
ahead of the sale in Geneva.
Red Cross gem
The Rock is up for grabs
alongside a historic intense yellow diamond associated for more than a century
with the
Red Cross, which will receive some of the profits from its sale.
The Red Cross Diamond is a cushion-shaped, 205.07-carat
canary yellow jewel, which has a price estimate of seven to 10 million Swiss
francs ($7.09 to $10.13 million).
“I expect that it will achieve much more on the day
of sale,” said Fawcett.
A large chunk of
the proceeds will be donated to the International Committee of the Red Cross,
which is headquartered in Geneva.
The original rough stone was found in 1901 in a De
Beers company mine in South Africa and is said to have weighed around 375
carats.
As well as ranking among the largest diamonds in the
world, a striking feature is its pavilion, which naturally bears the shape of a
Maltese cross.
The stone was first put up for sale on April 10,
1918 at Christie’s in London. It was offered by the Diamond Syndicate in aid of
the
British Red Cross Society and the Order of St John.
The Red Cross Diamond fetched £10,000 —
approximately £600,000 ($740,000) in today’s money. It was bought by the London
jewelers S.J. Phillips.
It was sold again by Christie’s in Geneva in 1973,
fetching 1.8 million Swiss francs, and is now being offered by the auction
house for a third time.
Russia restrictions
Several other diamond rings,
necklaces, and bracelets could fetch over $1 million at the auction.
Also being sold is a tiara that belonged to princess
Irma of Furstenberg (1867–1948), a member of one of the most pre-eminent
aristocratic families in the Habsburg Empire.
It is estimated to go for 400,000 to 600,000 Swiss
francs.
“The diamond market at the moment is very, very
strong,” said Fawcett.
He said rising demand, supply constraints due to
“geopolitical issues” and inflationary pressure on commodities, including
precious stones, was pushing the market to highs not seen since its 2013–2014
peak.
The Russian invasion in
Ukraine has had a major
impact.
More than 40 percent of the world’s diamonds are
mined in Russia, including the famous Alrosa mine, but international markets no
longer have access to Russian gems, said Fawcett.
The supply constraint has created major price hikes and with
the sanctions imposed on Moscow following the February 24 invasion, “prices
will only continue to increase”, he said.
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