Sotheby’s 29 carat flawless diamond will test the market

Isaac Mostovicz writes that whether a flawless 29 carat diamond ring sells will determine the state of the diamond industry...

At its New York headquarters on October 19, Sotheby’s will take the diamond industry’s temperature when it auctions a 29 carat flawless diamond ring. The price it fetches will be telling of the state of the industry and the prices buyers have a stomach for.

Luxist is reporting that the price is estimated at $1.8 million to $2.2 million or $61,000 per carat. A flawless diamond of this size would be eye-catching to any Theta personality, both because of its rarity and overall perfection.

And while this is a truly remarkable diamond, it’s worth noting that this is yet another example of what I wrote previously about the industry forgetting the consumer. Other items included in the auction are considerably less expensive, with the next highest item expected to go for between $250,000 and $300,000.

It’s an industry test to see what kind of diamonds will sell in this climate and which will not. If the only diamond left standing is the 29 carat one, we’ll know the industry will and will not tolerate.

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