Magnificent white diamond unveiled

HONG KONG - Agence France-Presse

AP photo

A “perfect” white diamond which is expected to fetch a record price of up to $35 million when it is auctioned in Hong Kong next month made its first appearance in the city yesterday.

The egg-shaped 118.28-carat “Magnificent Oval Diamond”, the largest of its kind, stunned onlookers at a preview and could set a new record for the amount fetched by a white diamond at auction.

Although the official estimate is set between $28 and $35 million, Sotheby’s says it could command more when it goes under the hammer at the auction house in Hong Kong on Oct. 7. The current record is $26.74 million.

“It’s a perfect diamond. There’s not a better diamond ever offered anywhere in the world,” Sotheby’s Asia Deputy Head of Jewelry Department Terry Chu told AFP.

The stone, described by Sotheby’s as “the largest D color flawless diamond” has the highest quality rating awarded by the Gemological Institute of America, she said. “D color” diamonds are rare and colorless, fetching premium prices.