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Another Magnificent Diamond Sets an Auction Record at Sotheby’s

If you’re a big believer in the phrase, “diamonds are a girl’s best friend,” you may find your relationships just got a lot more expensive. Commanding exorbitant prices since they were first mined, diamonds continue to grow in value, and many investors are willing to cough up millions of dollars in order to snatch up the biggest, best and most noteworthy of the sparkling gems. Meanwhile, savvy collectors sell diamonds at a premium.

For instance, the most recent sale of a 28-carat diamond in Hong Kong shows prices are still soaring. This internally flawless, rated D quality round cut piece managed to garner $6.9 million at the Sotheby’s auction on April 8. That’s the most per carat price the world has ever seen, at $239,352 per carat. Though massive in size, the diamond isn’t set and the round brilliant shape is anything but unusual. However, the stone will certainly appreciate in value over time, making it a costly, but sensible investment.

Diamonds Lead the Precious Pack

There are many exceptional, oversized and pricey gemstones in the world, and at auction they do score some impressive bids. They do not, generally, come anywhere near the asking price of similarly sized diamonds. So, if you’re looking for a precious stone that’s both stunning in style and affordable in cost, skip the white diamond section of your local jewelry store.

There are many examples of gargantuan diamonds selling for unheard of amounts at auction. Christie’s Geneva sold an over 101-carat pear-shaped diamond recently for over $20 million. A rare blue diamond found in Botswana sold for almost $10 million. It was 9.46 carats.

You might think these auctions are rare, occurring when someone providently stumbles across a stone of unexpected size. It is lucky, and somewhat unlikely, but the passion and desire for diamonds ensures that workers and mines are plentiful. And at this rate, many more tremendously large rocks will be discovered, and a new record could be set by next month.

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