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118-carat diamond expected to fetch $28 to $35 million at auction

By Catholic Online (NEWS CONSORTIUM)
September 5th, 2013
Catholic Online (www.catholic.org)

Described as flawless and heralded as the biggest perfect white diamond ever to go to auction, a Sotheby's spokesman says "It's a honker!" Mined in Africa in 2011, the 118.28 carat, D Color Flawless, type11A, Magnificent Oval Diamond is about the size of a chicken egg. While small, it is expected to fetch twice as much as Derek Jeter got for his Manhattan penthouse last year.

LOS ANGELES, CA (Catholic online) - The diamond is expected to break auction records in October when Sotheby's offers it up to deep-pocket bidders for an asking price of $28 to $35 million. It's the biggest perfect white diamond ever hit the auction block, with a pre-sale estimate of $28 million to $35 million.

"It's almost 20 percent larger than the next largest," the Sotheby's representative told reporters.

The auction house, has displayed the diamond under heavy guard at its upper East Side showroom, said the owner wants to remain anonymous.

The ice-like chunk of carbon will be the main attraction of Sotheby's Magnificent Jewels and Jadeite auction on October 7 in Hong Kong.

In fact, the gem could fetch as much as Calvin Klein's asking price for his four-bedroom Central Park West apartment or what rapper Soulja Boy dropped in 2011 on a Gulfstream G50 jet.

Jeter only got $15.5 million for his Trump World Tower four-bedroom penthouse.

Records for both price and size for a perfect white diamond were set at a 2012 Christie's auction when a 101.73-carat gem sold for $26.7 million. Before it was worked over, the diamond Sotheby's is now offering tipped the scales in a rough condition at 299 karats.

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