November 29, 2023

The Queens County Citizen

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The rare 102 carat Canadian diamond is the most expensive in the world at auction this month

The rare 102 carat Canadian diamond is the most expensive in the world at auction this month

The rare 102 carat diamond found in northern Ontario two years ago could be the most expensive of its kind at an online auction starting and ending in person in Hong Kong in early October.

Dug at Debeers Victor Mine now closed In 2018, a diamond about the size of a small egg was cut from a 271 carat hard diamond, and then cut and polished and kept for over a year.

Those in the industry say this stone has a lot of features. Diamonds are called type II diamonds, which are chemically pure naturally occurring diamonds. Reena Ahluwalia, a Toronto-based high-end jewelry designer, says only one or two percent of all diamonds end up being Type II. It is also rated D color and is considered impeccable, giving only 0.5% of all mined diamonds, a feature mentioned by the British auction house Sotheby’s.

Sotheby’s began bidding for the stone online this week, ending with a personal auction on October 5 in Hong Kong. As its seldom proven, the auction takes place without a reserve price, i.e. there is no minimum bid, and there is no number that theoretically limits what the buyer considers valuable. Sotheby’s says this is the first time a diamond of this caliber has been sold without a reserve price.

Sotheby’s is the second largest oval diamond to come up for auction, slightly smaller than this 118 carat diamond It sold 30 million US dollars in 2013. It is only an eighth oval diamond of 100 carats or more.

‘Nature’s Wonder’

Currently, the record price at a diamond auction The so-called Pink Star Diamond is worth $ 83 million, 59 carat jewelry sold in 2013. Other diamonds, including the British Crown Jewels and the Hope Diamond at the Smithsonian Museum, are selling well because of their symbolism but they are never for sale.

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See | The 102 carat diamond has been cut and polished for over a year:

The huge, flawless diamond unearthed in 2018 at Victor Mine in northern Ontario is poised to make millions at auction. 0:28

Ahluwalia calls this stone a “natural wonder” and it is possible to get a large amount due to its unique properties.

“These big diamonds are investment pieces,” she says. “And its rare quality is hard to come by.”

Ahluwalia said COVID-19 has transformed the high-end jewelry market, as it has done for many industries. In the early days of the epidemic, sales at the high end slowed to a crawl because people weren’t shopping for them, or anything.

As the international community lags behind online sales, demand has come back on a large scale. Many larger diamonds, numbered in double or triple digits, will go up for auction in the coming months. That is why some people think that this Canadian diamond price tag can create a record.

M 30M or higher

Sotheby’s estimates the final sale price to be between $ 12 million and $ 30 million. Estimating the selling price is very difficult because the winning bidder may be motivated by investment potential or by further emotional observation, Ahluwalia said. She mentioned another famous diamond now known as the Moon of Josephine Bought at auction in 2015 for $ 64 million China billionaire Joseph Law.

The auction for that stone was higher than people expected, Ahluwalia said, as La wanted it for his daughter Josephine. Someone thinks the same way about this diamond.

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Reena Ahluwalia designed part of Ontario’s legislature to include diamonds mined from Victor Mine in northern Ontario. (Submitted by Reena Ahluwalia)

“If it’s a personal purchase, it can be mounted and enjoyed as a piece of jewelry,” she says. “But some investors are looking for another opportunity.”

Ahluwalia has a personal connection to the mine that first discovered the stone. Shortly after the mine opened in 2008, Ahluwalia was hired by the Ontario government to redesign the mace It opens and closes sessions in the regional legislature and merges Diamonds from Victor Mine to mace.

She said the Canadian origin of the diamond helps to drive up the price, as Canadian gems are considered to have higher standards for ethics and stability than those mined in some other countries. But in the end, the diamond sells for sale with its own merit.

“Because it’s amazing,” she says.

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