Christie’s 39-carat diamond nets $5.4M price tag

Isaac Mostovicz writes that Christie's 39-carat diamond auction could set the pace for the diamond industry's recovery ...

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Last week Christie’s Auction House put up for auction a 39-carat diamond. It was part of  the “Magnificent Jewels from a Distinguished Private Collector” auction.

Later this week Sotheby’s will auction a 29-carat flawless diamond. I wrote previously how that could set the tone for how the diamond industry picks itself up and carries on, post-recession. However it seems Christie’s has already solved that.

Rahul Kadakia, head of jewelry at Christie’s New York is quoted in National Jeweler saying that the Christie’s sale is indicative of an industry recovering quickly.

“The diamond market continues to show remarkable strength despite the volatility of the financial world … Just two weeks after a very strong sale of jewels at Christie’s Hong Kong–where a 5-carat pink diamond went for $10.8 million–the exceptional Evening Star Golconda diamond of 39 carats sold at Christie’s New York for $5.4 million. It was a fitting grand finale to a year that saw over $100 million in jewels change hands under our gavels in the U.S.”

We could be seeing a strong resurgence in the diamond industry, most notably at auction houses. If a 39-carat stone nets $5.4M, then one could hazard to guess that Sotheby’s 29-carat stone will net around $3.5. However reports currently have it pegged at going for $1.8 million to $2.2 million.

Regardless, it appears the Lambda personalities are out in force in the diamond market, ready to pay top prices for the most exclusive diamonds available to be bought.

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