72-carat Flawless Diamond Sold Privately

Published on 15/04/08

Auction house Sotheby's sold a 72-carat flawless diamond in a private transaction this week, it has emerged.

The company confirmed that the diamond was withdrawn from a Hong Kong auction and sold privately when the final bid of HK$73 million (£4 million) did not meet the reserve price.

As the largest diamond of its type to appear at an Asian auction, the piece's pre-sale highest estimate was HK$100 million.

Kevin Ching, chief executive of Sotheby's Asia, said that buyer confusion over exchange conversion had disrupted bidding for the diamond.

According to Reuters, the diamond was of exceptional quality and was rated Type IIA, a rating awarded to only the most brilliant white "D" colour diamonds.

In related news, it emerged this week that diamonds and jewellery from Christina Onassis's collection are to be auctioned off at the Christies London Jewels Show in June.

The collection contains pieces from Cartier, Chaumet and Harry Winston.