Christie’s Hong Kong to offer the largest colorless diamond to hit the auction circuit in 20 years.

By Jennifer Seligman

If any old diamond is a girl’s best friend, then what would you call one that measures 101.27 carats? On May 28, 2008, this currently unnamed diamond will be auctioned off by Christie’s as part of the spring Hong Kong jewelry sale at the Hong Kong Convention & Exhibition Center. This unfathomably large gem is the grandest diamond to hit the auction circuit in almost 20 years.

Christie’s has the honor of selling many of the world’s greatest diamonds, including the recent “Dubai Magnificence,” a pear-shaped D color flawless diamond of 53.71 carats, which was auctioned in New York in December 2007. Christie’s has been the world market leader in jewelry for 14 years, with sales totaling a record $395 million in 2007, the highest ever achieved by any auction house. This particular stone is expected to realize more than $6 million and naming rights of this rare gem will be granted to the lucky new owner. It was unveiled as part of Christie’s Spring Masterpieces Exhibition held in London during February and will be made available for viewing in New York and Shanghai in April, and Taipei and Hong Kong in May.

Christie’s jewelry auctions take place in cities all over the world including Amsterdam, Dubai, Hong Kong, London, New York, Paris, and Milan. “Only three colorless diamonds of over 100 carats have ever appeared at auction, all sold in Geneva,” says Francois Curiel, Christie’s chairman of jewelry. “With Asia becoming such a vibrant market, it is fitting that this rarest gem should be offered on May 28 to the growing number of collectors in this region.”

Vickie Sek, director of the jewelry and jadeite department of Christie’s Asia, adds, “As auction leaders in Asia, we hold many records in the jewelry field, but never before were we able to offer such an important stone in Hong Kong. Its appearance on the market has already created a sensation.”

This exceedingly rare diamond was cut from a daunting 460 rough carats to its present 101.27-carat state. Its unusual modified shield shape flaunts 92 brilliant facets. The diamond is accompanied by a report from the Gemological Institute of America certifying that it is F color and is of the highest standard for polish and symmetry, both rated excellent, a testament to the skill of its cutters. Due to surface graining (a natural growth inclusion) that is imperceptible to the human eye, this exceptional internally flawless diamond is rated VVS1 (very very slightly imperfect 1st degree) for clarity.

So if you’re in the market for a new best friend, this diamond may be just what you’re looking for. But let’s be honest-who needs best friends when you’ve got 101.27 carats?