Disappointing price for 163-carat flawless gem 'a worrying sign'

Disappointing price for 163-carat flawless gem 'a worrying sign'

The world's biggest diamond ever to be put up for sale at an auction fetched £25 million late on Tuesday.

The diamond, the centrepiece of an asymmetric gem-studded necklace designed by Fawaz Gruosi, founder of Geneva jeweller De Grisogono, was the largest of its kind ever auctioned.

"The UAE is a very important market for us and has been for a very long time", Rahul Kadakia, the global head of jewellery of Christie's, who presided over the auction, told The National.

D is the highest colour grade attributed to a diamond, indicating that the stone is completely colourless, and thus extremely rare. The item is expected to fetch at least $30m (£23m) at auction.

The diamond itself was cut from a 404 carat rough rock which was found in February of 2016 in Angloa's Lulo mines.

"The Art of de Grisogono is one fabulous Christmas present and wallflowers need not apply", Tobias Kormind, head of the 77 Diamonds firm that tracks the global diamond market, said in a statement.

More news: 10-Year Old Successfully Unlocks His Mom's iPhone X Using Face ID

The left side of the necklace is made up of 18 emerald-cut diamonds and the right side composed of two rows of pear-shaped emeralds.

Unsurprisingly it comes with a hefty price tag.

The diamond is said to have graced the crown of Napoleon I, Napoleon III and Empress Eugenie, among others, the Daily Mail reported.

Christie´s said the seller was a private collector but did not reveal their identity. This is the first time that the spectacular diamond has been sold at public auction since the famous sale of the French Crown Jewels in 1887.

It brought the total for Christie's Geneva auctions in 2017 to $258,588,868, with 27 lots sold for over $1 million.

Apart from this masterpiece, another gemstone on display during Tuesday's auction was "Le Grand Mazarin", a 19-carat pink diamond, which was sold for 12.5 million Swiss francs ($12.68 million), demolishing the pre-sale estimate, according to the Hindu.

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