Another Day, Another Diamond Auction

Almost 1,300 bidders turned out to take their chances on the 1,100 lots up for auction at Heritage this on May 2, translating into 90 percent sales, proving once again that diamonds never go out of style. 

The top lot was a fancy light brownish-pink diamond and platinum ring, which had a pre-sale estimate of anywhere from $200,000 to $250,000.  However when up at auction, the 11-carat pink marquise diamond, flanked by two white diamonds, exceeded expectation and sold for $358,500.

Other highlights of the auction include the $101,575 sale of a fancy deep brownish-yellow diamond and platinum ring, the $95,600 sale of a diamond and platinum bracelet and a $89,625 sale of a diamond, platinum and gold ring.

However, thanks to the world’s recent interest in colored gems, diamonds were not the only precious stones gaining attention at Heritage, the world’s third largest auction house; a cushion cut padparadscha sapphire and diamond ring, measuring 13-carats, sold for $65,725. 

“Padparadscha sapphires, a pinkish-orange variety of corundum originally mined in Sri Lanka, are very rare and highly valued,” Jill Burgum, director of fine jewelry at Heritage told National Jeweler. “The rarest of all padparadschas, like the example in our auction, is the totally natural variety, with no sign of treatment.”

A jade and diamond pendant also surprised auction goers when it sold for $50,788, more than seven times its pre-estimate.

Total sales of the auction reached nearly $5 million, contributing to the auction house’s annual sales of more than $600 million.

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