88ct. Oval Diamond Fetches $14M

RAPAPORT... A rare oval diamond sold for nearly $14 million at Sotheby'sin Hong Kong Tuesday, beating its high estimate. The oval brilliant-cut, 88.22-carat, D-color, flawless, typeIIa stone is one of only three oval diamonds over 50 carats offered in auctionhistory, Sotheby's said. The hammer went down on it at $13.8 million, or $156,150 per carat, at theMagnificent Jewels and Jadeite sale. It carried a presale estimate of $11.2 million to $12.7 million. The gem was purchased by a private Japanese collector whofirst saw the stone while it was on display in Japan. He named it the ManamiStar, after his eldest daughter. Fashioned from a 242-carat rough stone from De Beers'Jwaneng mine in Botswana, the 88-carat polished diamond is considered lucky, asthe number eight signifies good fortune in Chinese and other Asian cultures,Sotheby's noted. "[The diamond] now takes its place in the roster of topwhite diamonds to have come to the market here at Sotheby's Asia," said PattiWong, chairman of Sotheby's Asia. "Three clients from the region competed forthe stone -testament to the strong demand for diamonds of this quality in this part of theworld." Image: The 88.22-carat diamond. (Sotheby's)