$40 million for ancient diamond

2.8 k views | Posted April 23, 2013 | By Emily Mobbs • Former Editor

The largest fancy pink Golconda diamond ever to be offered at auction has sold for almost US$40 million – $10 million more than its estimated price, setting a new record in the process.

The 34.65-carat Princie Diamond sold for US$39.3 million (A$38m) at a Christie’s auction in New York last Tuesday. The sale price achieved a new record for the most valuable diamond ever sold at Christie’s, surpassing the previous house record of $24.3 million (A$23.5m) set in December 2008 with the sale of the Wittelsbach Diamond. It is also now the most valuable Golconda diamond to ever sell at auction.

An anonymous collector bidding by phone purchased the stone.

The 34.65ct Princie Diamond sold to an anonymous buyer

As previously reported by Jeweller, this was the first time the cushion-cut diamond had appeared at auction in more than 50 years.

The stone has a rich history. Its origins trace back to the ancient mines of Golconda in south central India. It also initially belonged to the royal family of Hyderabad, who ruled one of the wealthiest provinces of the Mughal Empire.

Christie’s head of jewellery in the US and Switzerland, Rahul Kadakia, said: “A major event took place in the global auction industry with the record-breaking sale of the Princie Diamond at Christie’s New York.

“Aside from Christie’s sale of the legendary Collection of Elizabeth Taylor, this was the most successful jewellery auction ever held in the United States and Christie’s was proud to have orchestrated the sale of such an historic gemstone.”

The Princie Diamond was part of Christie’s Magnificent Jewels auction.