57,000ct emerald to be auctioned

7.5 k views | Posted January 24, 2012 | By Aaron Weinman

The “world’s largest cut emerald” is to be auctioned this week in Canada but there are doubts about its value.

Kelowna-based Western Star Auctions will auction off the 57,500ct emerald on January 28 with the 11.34-kilogram stone expected to fetch more than USD$1 million according to various media reports.

The Teodora stone, meaning God’s Gift, was found by Calgary-based gem wholesaler Regan Reaney.

Reaney said it was “a beautiful specimen” found in Brazil and cut in India. “I got an email about this and couldn’t believe it at first whether it was a real emerald,” Reaney said. “I had it checked out in Calgary and it’s the real deal.”

Jeff Nechka, a gemmologist and owner of Premier Gems, examined the potential record-breaker, and assessed it as natural “but slightly tainted.”

“It has definitely been treated but we are not sure how much it has been treated,” Nechka said. “It’s impressive someone was even able to cut something like that.”

Reaney is enthusiastic about the upcoming auction, saying the stone has a “stunning aura” and suspects its final selling price to attract well over the estimated value.

“We have some entertaining bids around USD$1 million,” Reaney said. “It’s a real showpiece – just a wow.”

While the stone is thought to be the largest cut stone, the intricacies of the stone are subject to debate by many gem experts.

Gem specialist and director of Brisbane-based O’Neil’s Affiliated, Brendan McCreesh, said any interest this stone receives is because of its size, labelling it nothing other than a “novelty stone.”

“The size doesn’t mean anything, don’t judge the stone based on size rather its quality, colour and clarity,” McCreesh said. “Because it’s got the word ‘world’s biggest’ it sparks peoples’ interest.”

McCreesh believes that it’s a low-quality emerald and doubts it will sell for anything near its estimated value.

“The stone has veins of inclusion and many surface cracks,” McCreesh added. “I guarantee you this will not sell for anywhere near $1 million.”

Renowned gem and jewellery expert Antoinette Matlins said the stone “appears to be heavily included with numerous surface reaching fractures.”

“Just because it’s large, doesn’t mean it’s a ‘gem’,” Matlins told JCK Online. “While its carat weight may add up, in such a huge size value usually drops.”