$15 Million Pink Diamond Fire Sale Stopped by Court

A 14.23-carat rectangular-cut pink diamond ring on display at Christie’s in April 2008 was expected to sell for $15 million. 

Yet before the hammer went down the ring was saved by the bell, An appellate court agreed on Monday14th to stop a Christie’s auction at which $34 million worth of jewelry was to have been sold on Tuesday evening.

The sale, which was being held to pay back part of a $187 million loan made by Merrill Lynch to the jeweler Ralph O. Esmerian, was to have included a $15 million pink diamond ring and a $6 million diamond-encrusted brooch once owned by the wife of Napoleon III. Christie’s had billed it as “the most important antique jewelry in history.”

But Mr. Esmerian, 68, contended that the auction was a fire sale and that the jewels would bring more money if they were sold privately.

“These were jewels that Ralph, his father and his grandfather had collected,” said Helen Davis Chaitman, Mr. Esmerian’s lawyer. “Christie’s has priced them at one-quarter to one-third of their actual value.”

They were to be the cornerstone of Fred Leighton, a jewelry business Mr. Esmerian bought in 2006 with loans from Merrill Lynch. “This was to have been the focal point of the Beverly Hills store that is opening on Rodeo Drive in September,” Ms. Chaitman added.

Last week, Justice Helen E Freedman of State Supreme Court in Manhattan ordered the sale to proceed. But the Appellate Division of State Supreme Court stayed that decision.

A lawyer for Merrill Lynch said the fight was far from over. “A preliminary injunction against the auction would be wrong,” said Howard R. Hawkins Jr., who is representing Merrill Lynch. “Christie’s auction is the best way to sell this jewelry, and we are going back to Judge Freedman to seek a further ruling so the auction may proceed.”

Suprise at Sotheby’s Geneva Auction 12th May 2009

The fancy intense pink pear-shaped diamond weighing 5.29 carats, flanked by shield-shaped stones, mounted in platinum, size 51½, illustrated unmounted.

http://www.sothebys.com/app/live/lot/LotDetail.jsp?sale_number=GE0902&live_lot_id=314A

Hammer Price with Buyer’s Premium:  2,266,500 CHF

The Steinmetz Pink

 The Steinmetz Pink is probably the finest pink diamond in the world presently. It was first unveiled in Monaco in May, 2003, and briefly worn around the neck of supermodel Helena Christensen, the gem was discovered in southern Africa and is the largest Fancy Vivid Pink diamond known in the world.

As any Pink Diamonds Girl knows or the partner of a Pink Diamonds Girl has found out on reconnaisance shopping trips Pink diamonds are extremely rare and usually found in much, much smaller sizes.

  The Steinmetz Pink weighs 59.60 carats and has been graded as Internally Flawless, an extremely rare and coveted clarity grade. Given its extraordinary importance, the Steinmetz Group took approximately 20 months to cut the diamond.

A team of eight people worked on fashioning the gem from the 100-carat rough stone. Fifty models were worked on before the cutting even began. One wrong move and the priceless diamond would have shattered. The gem’s facet pattern is very unique: it is an oval mixed cut with a step-cut crown and a brilliant cut pavilion.

 

 In the summer of 2003 the stone featured in an exhibition at the Smithsonian Institute in Washington DC titled The Splendor of Diamonds, which also included the Millennium Star, the Heart of Eternity, the Allnatt, the Pumpkin, the Moussaieff Red and the Ocean Dream. Remarking on the size and weight of this extraordinary diamond, TV star Jenna Elfman said, “I can feel the beauty on my chest. You can feel the physical vibrations.”

 

 Actress Jenna Elfman opened the Splendour of Diamonds Exhibit at the Smithsonian,
the Allnatt Diamond being the large yellow stone in front of her on the pad. The
Millennium Star, at the left, is set in a diamond necklace. 

The Steinmetz Diamond group owner of this fabulous diamond also work in partnership with the worlds oldest auction house Sotheby’s to form Sotheby’s Diamonds.  So to arrange a private consultation just go to Sotheby’s Diamonds.  http://www.sothebysdiamonds.com/

Most Expensive Pink Diamond in the World bought for 100 million in 2003

on 17th Nov 2003  the biggest pink diamond in the world, which has been on display in Mercury gallery together with other jewelry, was bought for US$100mln by a Russian.

His name was not released, it is only known that he lived in London, and the diamond has already been sent to Moscow, and he did not attend the presentation of course.

The diamond was delivered to Moscow by Francoise Graff, a son of the founder of the famous jewelry house, Lawrence Graff. The jewel with a diamond necklace was put to a transparent cube, like other exhibited gems. The diamond of 70.39 carats has a classic tear-like shape, and distinguished from cheaper white and yellow gems and from the more expensive blue ones by a hardly noticed pinkish cast. Because of this natural characteristic, one carat of this gem is valued at about US$1.6mln, and the overall cost exceeds US$100mln. Jewelers state that this is minimal price, and the necklace made of it costs much more.

According to Mercury management, majority of the exhibited gems has customers already. However, one could not assume this observing the guests: most of them commented that one can not leave the house in such jewelry in our country.

On the other hand, as the purchase of the biggest pink diamond proves, the real clients do not visit cocktail parties and prefer remain incognito.

Lets start at the Top.. The Largest Pink Diamond in the World

 Only 1 out of the top 66 largest diamonds in the world is pink . The Darya-ye Noor Diamond, the largest pink diamond in the world, about 186 carats (36.4 g), part of  Iranian Crown Jewels. Its exact weight isn’t known and 186 carats is an estimate.