This Rare, 100-Carat Diamond Could Set Records for More Than Just Size
Will a diamond tell us how we are really doing? This morning Sotheby’s announced it will offer a rare 100 carat stone for sale without reserve, meaning it will accept the highest bid that comes in for it regardless of how it compares to the actual value of the stone. It’s a risk for the auction house surely, but also a strong display of confidence in the strength of the market right now, particularly in historic stones and classic jewelry pieces.
The diamond—a highly important 102.39-carat D Colour Flawless Oval Diamond—is significant in itself, both because of its quality and its size, but it is the way it is being offered that is getting the most attention. Patti Wong of Sotheby's Asia explains the decision to offer the diamond without reserve this way: "The conjuncture offers many opportunities to do things differently: demand has shown tremendous resilience during the first part of the year and we feel it is now time to let the market speak. Diamonds of this calibre attract interest well beyond the traditional pool of collectors. This innovative sale seems to us the best way to introduce this exceptional diamond to the world in the current circumstances where travel is restricted and act as a great indicator of the vitality of the demand.”
This 102.39-carat diamond will be offered in a stand-alone, single lot live auction on October 5, 2020 in Hong Kong, with bidding open online from September 15. The price it realizes will be widely analyzed as an indicator of consumer spending and confidence in both the luxury and the jewelry market.
Let's call it the Diamond Index.
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