The largest white diamond ever to come to auction will hit the block at Christie’s in Geneva on May 11. The 228-carat, pear-shaped diamond carries a presale estimate of $20 million to $30 million. The stone, which is about the size of a chicken’s egg, was mined about 20 years ago in South Africa but is only now coming up for public sale.
“Right now there is a great appetite in the market for diamonds. The firm also brokered the gem’s initial private sale to a collector, who held on to it for most of the past two decades. With the market the way it is—in 2021 there was a huge resurgence both in the art market and the jewelry market—the second owner approached us and said, ‘How would you feel about marketing this for us at public auction?,” says Rahul Kadakia, the international head of jewellery at Christie’s.
Attractive investment
Should the stone sell for its high estimate, it would immediately become one of the most expensive white diamonds in the world. However, Kadakia said the estimate’s comparatively modest price per carat just shy of $88,000 makes the gem an attractive investment.
“It’s quite appealing to collectors from all areas of the market, ranging from pure investors who just want to buy a big portable asset and put it away to someone who wants to buy it to enjoy it as a set piece of jewelry and, at the same time, put their money into something quite portable,” he said.
Diamond prices have risen precipitously in recent months. De Beers yanked prices up by nearly 10% at its sale in January, with cheaper diamonds jumping as much as 20%. Kadakia anticipates strong interest from the Middle East and is accordingly commencing the diamond’s world tour in Dubai. After that, the stone will visit Taipei and New York, and then it goes to Switzerland for auction.
