118ct. Yellow Smashes Estimate at Christie's

RAPAPORT... A diamond bought in memory of late diamantaire Sam Abram sold for more than double its high estimate at Christie's Geneva auction Wednesday. The cushion brilliant-cut, 118.05-carat, fancy-yellow,VS2-clarity stone fetched $7.1 million, or $60,000 per carat, at theMagnificent Jewels auction. The diamond, whichwas estimated at $2.5 million to $3.5 million, was purchased by Siba Corp. inhonor of its former president. The company subsequently named it The Siba Diamond.Three ruby pieces broke the top 10, all selling for wellabove their estimates. A 22.86-carat Burmese ruby ring by Harry Winston wentfor $7.2 million against its high estimate of $3 million, a final price of $314,900per carat. Meanwhile, a Van Cleef & Arpels ruby and diamond necklace, whichwas valued at $400,000 to $600,000, garnered $2.4 million, and a ruby anddiamond bracelet by the same jeweler fetched $1.6 million. That piece was estimatedat $150,000 to $250,000. A necklace comprising 110 natural pearls achieved $5.8million, well above its high estimate of $3.5 million. All other pearl piecesof note offered at the sale also exceeded their original estimates, Christie's said. Other notable lots included a pear-shaped, 75.61-caratemerald pendant necklace that belonged to the Grand Duchess Vladimir of Russia,which sold for $4.3 million, or $57,300 per carat. It was estimated at $2.3million to $3.5 million. "Natural pearls and jewels with noble provenance, such asthe 75.61-carat emerald from Grand Duchess Vladimir of Russia, found muchacclaim and sold for far above their presale estimates," said Rahul Kadakia,Christie's international head of jewelry. "Also of note was the 118-carat,fancy-yellow diamond that was purchased by Siba Corp. in honor of Sam Abram, aprominent figure in the jewelry world, who very sadly passed away last week." In addition, the rectangular-cut, 25.27-carat, D-colorJonker V diamond connected to Anglo American founder and former De Beerschairman Sir Ernest Oppenheimer fetched $3 million against a valuation of $2.5million to $3.5 million. Christie's sold 87% of all lots on offer, it said. The sale brought in a combined $62.1 million.Image: The Siba Diamond. (Christie's)