AGTA GTC's Laboratory Update for October 17, 2006
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Three Days in October: Electric Auctions Show Promise
The continuing strength of the jewelry and gem market was in evidence at recent auctions, where, on consecutive days in October, new highs were reached.
First up was the Lesotho Promise, a spectacular rough diamond that showed just why ice is nice. According to Reuters' Elizabeth Boswell (Giant diamond sells for more than $12 million):
The 603-carat (120 gram) diamond, named after the tiny African mountain kingdom where it was found, went under the hammer at the Antwerp Diamond Center and was sold to the South African Diamond Corporation, owner of luxury jewellers Graff.
The 10th largest white diamond ever to be found, it will be cut into a large heart-shaped diamond and several smaller stones which will then be sold. The uncut diamond is a third bigger than a golf ball.
Johnny Kneller from the South African Diamond Corporation said that once it was cut up, he expected to sell the stones for a third more than the auction price.
"We can't say for sure but we hope it's going to fetch over $20 million," Kneller said.…
Growing affluence has boosted sales and busy shopping streets such as London's Bond Street are awash with jewellers and luxury goods stores offering right-hand diamond rings for well-heeled women.
The biggest rough diamond ever found was the Cullinan at 3,106 carats, while the second largest, the Excelsior, was 995 carats. Both were found in South Africa.
The Lesotho diamond was found at the Letseng Diamond Mine high in the mountains of the tiny nation which is surrounded by South Africa, by a woman who was sorting through the rocks.
"She started screaming and all the staff thought she had been electrocuted," said Clifford Elphick, head of Gem Diamond Mining, which owns 70 percent of the mine.
But auction action was not limited to Antwerp. Just one night later, Christie's New York was setting the new world afire with the sale of American actress Ellen Barkin's jewelry collection.
"Tonight's sensational $20m result makes Ellen Barkin’s collection the highest single-owner jewelry sale of the past 15 years in the US and also places it among the top four ever worldwide. The combination of exceptional period jewels, fabulous gemstones and above all, the largest selection of JAR creations ever seen at auction propelled prices to a whole new level. There was a tremendous buzz in the packed saleroom with extraordinary activity from buyers around the world participating by phone," said Rahul Kadakia, Head of Jewelry for Christie’s Americas. The top lot of the night was a 22.76 carat "thread" ring by JAR, which realized $1,808,000.
A number of the pieces in the Christie's auctions featured gemological reports from the AGTA GTC, America's premier colored gemstone laboratory. The report above is for Lot 432, a three-strand natural pearl necklace that sold for $755,200. |
In addition to a number of spectacular pieces of diamond-set jewelry, as a style maven, Ellen Barkin's collection was rich in colored gemstones, including emerald, imperial topaz, ruby and sapphire. And if this was not enough, on the following night, more records were shattered:
Christie's jewelry sales this week totaled $49 million – the largest jewelry sale week in America in the past 15 years. Building on the momentum of last night's tremendous sale of the collection of Ellen Barkin which realized over $20 million, today's three sale of Magnificent Jewels, An Exceptional Collection of Art Nouveau Jewels and Part I of the Van Cleef & Arpels Centennial Tribute saw prices reach new levels across the board. The top lot of the day was a 51.08 ct D-color diamond which realized an incredible $3,152,000 – $61,700 per carat.
Top lots of color included a jadeite and diamond necklace (lot 1050; $755,200), a three-strand natural pearl necklace (Lot 432; $755,200), a two-strand natural pearl necklace (Lot 408; $475,200) and a 6.77 ct cushion-cut Burmese ruby (Lot 475; $452,800 total; $66,800 per carat).
Upcoming Lectures
Toronto, Canada, October 28, 2006
The AGTA GTC's Richard Hughes will be delivering the keynote address at the Canadian Gemmological Association's 2006 Conference and Graduation.
- From Madagascar to Malysheva:
In Search of the Precious Stone
28 October, 2006
Toronto, Canada
Bangkok, Thailand, December 6–9, 2006
The AGTA GTC's Lore Kiefert and Richard Hughes will present lectures at the 1st GIT International Gem & Jewelry Conference.
- Demantoid from Iran
By Dr. Lore Kiefert - Gem Hunting in Central Asia: Russian Emerald, Tajik Ruby &
Spinel
By Richard W. Hughes, with Vincent Pardieu
Note that because of high demand, the venue for this conference has been shifted to Queen Sirikit Convention Center in Bangkok (not Chanthaburi, as previously reported).
