Sothebys Sun Drop Yellow Diamond Sells for $12.36 million
11/21/2011 5:02:02 AM Shira
The "Sun-Drop Diamond,” an enormous 110.03 carat yellow diamond, sold for $12.36 million to an anonymous buyer at Sotheby’s—a record price for a yellow diamond at an auction. The Sun-Drop Diamond is the world’s largest pear-shaped yellow diamond. The diamond was discovered in South Africa in 2010 and subsequently cut and polished in New York. The stone had a pre-sale estimate of $11-15 million.
"We sold nearly every one of the big diamonds within our expectations….It proves the resilience of the diamond market in a time of uncertainty " said David Bennett, chairman of Sotheby's.
Due to their rarity, yellow diamonds command increasingly higher prices. Also sold was a 38.88 carat cushion-shaped white diamond for $6.96 million.
"The market is very hot. Times elsewhere are very bad, the world economy is very bad. But diamonds and colored stones are very much in demand and prices are quite high,” said Johnny Kneller, the CEO of South African Diamond Corporation.
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