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Rare diamond fetches €16.9m at Geneva auction

The Archduke Joseph Diamond with 76.02 carats fetched €221,619 per carat.

Archduke Joseph Diamond
Archduke Joseph Diamond
Image: AP Photo

A “RARE”, “FLAWLESS”, cushion shaped diamond was sold to an anonymous bidder at a Christie’s auction in Geneva for a cool €16.9 million yesterday.

The Archduke Joseph Diamond with 76.02 carats fetched €221,619 per carat.

The diamond, found in India’s historic Golconda mines, was sold in a world auction record price per carat for a colourless diamond. Far above the expected €11.8 million price and more than triple the price paid for it at auction almost two decades ago.

The seller, Alfredo J. Molina, chairman of California-based jeweler Black, Starr & Frost, said there were two main bidders and that he was delighted with the result. He added that the winning bidder was going to donate the diamond for display at a museum.

Over the seven hour long sale a total of 19 lots sold above €1 million with 147 buyers coming from 28 countries, competing enthusiastically in the room, on the telephone and online.

In a statement issue by Christie’s they say that 2012 was there most successful year “for Christie’s jewellery department in Switzerland, with annual sales exceeding €153.2 million.”

Read: Monet painting sells for a whopping €34.4 million at NY auction >

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Amy Croffey

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