Fancy red diamond demolishes presale estimate

2.1 k views | Posted October 05, 2022 | By Samuel Ord

A fancy colour diamond demolished presale expectations at Heritage Auctions in the US, fetching $US1.8 million ($AU2.77 million) and setting a record for the Texas company.

The diamond in question is a round brilliant, 1.21-carat, fancy orange-red with I2-clarity.

Prior to the Fall Fine Jewelry Signature Auction, presale calculations estimated the diamond would fetch $US150,000, however, when the gavel final landed the selling price was 12 times higher.

“Diamonds described as predominantly red are extraordinarily uncommon, and finding one over one carat is especially rare.”

Jill Burgum, Heritage Auctions

“Diamonds described as predominantly red are extraordinarily uncommon, and finding one over one carat is especially rare,” said Jill Burgum, Heritage’s executive director of fine jewellery.

“So we weren’t surprised that this magnificent specimen caught the eye of our discerning bidders.”

Heritage Auctions garnered a total of $US8.2 million ($AU12.8 million) from the 29 September auction.

Among the other items of interest was a ring with an emerald-cut, 17.63-carat, fancy colour yellow, VVS2-clarity diamond flanked by baguette-cut diamonds. It sold for $US591,000 ($AU910,000) and comfortably exceeded presale expectations.

French rarity

A US antiques, jewellery, and art seller based in New Orleans – MS Rau – is offering a historic necklace from French Crown Jewels, set with diamonds and Burmese rubies, with a $US375,000 ($AU577,000) price tag.

The necklace was once part of a large collection, including items dating back four centuries, which was auctioned in 1875.

The necklace is complete with the original leather fitted case and is described as made in England in a Victorian style.