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Sotheby’s to Offer Flawless Diamond Valued at $35 Million

September 12th, 2013 | by The Update
HK0478-Magnificent-Oval-1.jpg

Sotheby’s will offer a 188.28 carat, D color, flawless oval diamond expected to bring $35 million during the auction house’s 40th anniversary events in Hong Kong on Oct. 7.

It is the largest D color flawless diamond ever to appear at auction, as well as the largest oval shaped, D color flawless diamond ever graded by the Gemological Institute of America (GIA). Only four other white diamonds of this quality and more than 100 carats have ever been sold at auction; Sotheby’s has sold three.

Sotheby's Hong Kong Magnificent Jewels and Jadeite 7 October 2013 A Magnificent Oval Diamond 118.28 Carat, D Colour, Flawless, Type IIA stone of Excellent Polish and Excellent Symmetry  Est. $28/35 million (HK$220/280 million)

Sotheby’s Hong Kong will offer the Magnificent Oval Diamond as part of the Magnificent Jewels and Jadeite auction Oct. 7. The gem is 118.28 carats, D Color, Flawless, Type IIA stone of Excellent Polish and Excellent Symmetry. It is estimated to bring $28-35 million. Photo / Sotheby’s

The present stone is nearly 20 percent larger than the first and previously largest ever offered, the 101.84 carat “Mouawad Splendour,” sold at Sotheby’s in 1990. Each of those stones was offered in Geneva salesrooms, making the Magnificent Oval Diamond the first D color diamond of this size ever to appear at auction in Asia.

Discovered in 2011 from the deep mines in Southern Africa, the 299 carat rough of the Magnificent Oval Diamond is one of the largest and most beautiful diamond roughs found in recent years. It was worked over a period of months, and the resulting stone is estimated to bring $28-35 million – exceeding the current highest price ever paid for any white diamond at auction.

A diamond called “The Winston Legacy” brought $26,737,913 this spring.

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