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Rare colored diamond sales have been solid as a rock in recent months. In fact, the Wittelsbach blue diamond sold for $24.3 million at Christie's in London on Dec. 11, 2008, setting a record price for any diamond or jewel sold at auction. The buyer was billionaire Laurence Graff.
Christie's Rahul Kadakia believes rare colored gems will remain at respectable price levels. "When it comes to colored diamonds, especially blues and pinks, those are rare in any market," he says.
Says Lisa Hubbard of Sotheby's, "Those appear to be holding their value, and they have not been subject to the ups and downs of the white diamond market." Sotheby's has also logged strong results in its recent colored diamond sales. An oval-shaped, vivid yellow diamond weighing 36.99 carats, internally flawless, sold at Sotheby's New York in December 2008 for $71,870 per carat.
These gems are still the most sought after by famous private purveyors like the William Goldberg Diamond Corp. in New York, which has produced some of the most extraordinary colored diamonds in history, including the 30-carat, $50 million Blue Lili and the 5.11-carat, $20 million Red Shield, the largest red diamond ever graded by the Gemological Institute of America.
Red Shield, 5.11 Carats
Value: $20 million
In 1998 the William Goldberg Diamond Corp. purchased the rough stone. After polishing it to 5.11 carats, the Red Shield was registered as the biggest red diamond graded by the Gemological Institute of America at the time.
In 1980, William Goldberg polished down a South African blue diamond. He named the 30-carat trapezoid the Blue Lili for his wife Lili Goldberg.
"I've heard different talk totally, about mines shutting down, like the Argyle mine [in Australia]," says Barry Berg of the William Goldberg Diamond Corp., adding that he expects pink and blue diamonds to become ever scarcer. "It's very hard to find a blue today, rough or polished," he says. "Yellow is a little more available, but orange, I haven't seen in ages."
The Goldberg family business has seen prices for important stones remain strong. "We recently sold a 10-carat intense pink diamond for more than $8 million," notes Eve Goldberg. "We also sold a bracelet with 58 carats of fancy colored diamonds, all over one carat, for close to $3 million."
The company has moved from selling stones into jewelry and is pushing deeper into markets like Brazil, Russia, China and India in the hunt for new clients. Back in New York it's opening the William Goldberg Diamond Corp. boutique, designed by William Green. This new apartment showroom above Fifth Avenue boasts an outdoor terrace. In contrast to street-level retailers like Harry Winston, Cartier and De Beers, the Goldberg showroom offers privacy and calm to clients ready to spend millions of dollars, protecting them from the prying eyes of the public.
Clients have started to ask the Goldbergs whether they should consider buying diamonds as an investment and a shelter from plunging markets. Sotheby's Hubbard is not surprised. Diamonds have an international market, and they are seen as a way to preserve wealth, she says.
But with the economy as unstable as it is, it's tough for both auction houses and retailers to know how to price their wares. "We're putting together our spring sale, and it's not easy," notes Hubbard, "because values are in a state of flux."
Guinea Star, 89-Carat Shield
Value: $15 million
In the rough, this diamond weighed 225 carats. The William Goldberg Diamond Corp. acquired it for the highest price ever paid at auction for a rough diamond, making it into the Guinness Book of World Records. Three D flawless diamonds emerged, including the famous 89-carat Guinea Star.
Beluga, 102-Carat Oval
Value: $18 million
The Beluga arrived at the William Goldberg Diamond Corp. as a 265.2-carat rough in 2001. After months of cutting, the largest D flawless oval cut in history was revealed. It is the favorite diamond of Barry Berg, of the William Goldberg Diamond Corp.
Pink Muse, 8.9-Carat Oval
Value: $12 million
This gem arrived at the William Goldberg Diamond Corp. as a 40-carat rough. The stone managed to maintain its rich color after the shaping and became a world-class pink diamond.
Pumpkin, 5.54-Carat Fancy Vivid Orange
Value: $5 million
In 1997, this rare South African diamond was graded as the largest fancy vivid orange diamond and was later sold at Sotheby's for $1.3 million. It is particularly unique because it maintained its light but intense hue through the cutting process.
Premier Rose, 137-Carat Pear
Value: $25 million
In 1978, the rough stone was sawed against the grain at the William Goldberg Diamond Corp. It weighed 354 carats and came from the South Africa Premier Mine. Out of this rough came the Premier Rose D flawless, the little rose 31-carat pear shape and the baby rose two-carat brilliant
Collecting
Diamonds That Rock
Camilla Webster, 02.12.09, 8:00 PM ET
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