STORY: A pear-shaped diamond just over 228 carats, known as “The Rock,” is going up for auction at Christie’s – the largest white diamond ever to come up for sale.
Rahul Kadakia is the head of jewelry at Christie’s International.
“I've been here 25 years. Christie's has been here 256 years. And in all this time, this is the largest stone in this shade that we have for sale.”
“The Rock” could fetch as much as $30 millions dollars.
It was mined and polished in South Africa over two decades ago and will lead the Geneva Magnificent Jewel’s sale – part of Christie’s Luxury Week.
In fact, despite geopolitical tensions, luxury demand is strong.
Just last month, the world’s largest luxury goods conglomerate LVMH reported strong results in the first-quarter boosted by demand for high-end fashion brands like Louis Vuitton and Dior.
While many are feeling the squeeze from the highest inflation in decades, it appears as if wealthier shoppers have so far not been deterred…
Though a recent slump in the stock market could test that, Kadakia hopes it’s an opportunity.
“While 2021 was one of our best years ever for jewelry and also Christie's across the board in art and in all departments that we, that we sell. The market remains strong. I think the current state of the stock market will give investors the opportunity to buy art and important diamonds as a hedge against what's going on and hope for the prices to keep rising as they do for rare art and objects and perhaps offer them for sale at a different time. Who knows? Maybe we'll sell these stones again in ten years from now.”
Christie’s auction will also feature a yellow 205 carat diamond known as “The Red Cross Diamond” – the third time the rare yellow gem will be up for auction in 104 years.
Its estimated selling price is between $7 to $10 million. Part of the proceeds from that sale will go to the International Red Cross.