Dubai: 2022 is turning out to be another good year for diamonds – of any shape and colour. One of the biggest yellow diamonds - ‘Golden Canary’ - is going on display in Dubai as part of a four-city global tour before going on auction in New York December 7.
The 303.10 carat cut stone is rated among the largest flawless yellow diamonds out there. It was found in a ‘backyard’ close to a diamond mine in the Democratic Republic of Congo (called Zaire at the time) in the early 1980s. It sure was massive, at 890 carats and the biggest rough diamond then. It was later cut to 407 carats and then again to the current 303.10, but all the while retaining the flawless nature of it.
A private collector placed it for auction, and the Golden Canary will be seen in Hong Kong, Taipei and Geneva apart from Dubai. Then comes the December auction date in New York.
“So far this year, we have brought four large stones to Dubai,” said Sophie Stevens, Director and Jewellery Specialist at Sotheby’s. “As for yellow diamonds specifically, the record price was set in 2014 for a 100.09 carat Graff Vivid Yellow that sold for $16.3 million in Geneva.
“For the Golden Canary, we have it pegged at $15 million – but without a reserve price, which means on December 7, whoever comes with the highest bid will own it.”
This has been one exceptionally good year when it comes to diamonds at auctions. There was the biggest white diamond – appropriately called ‘The Rock’ – that sold for $21.9 million.
And just this month, a pink one bagged a buyer for $57.7 million. The 11.15 Fancy Vivid Pink Internally Flawless diamond attracted ‘nearly 50 bids’, according to Sotheby’s Hong Kong, leading to a ‘full 20 minute bidding battle -- from an opening bid of HK$130 million to well over HK$390 million, finally selling to an overseas representative in the room.’
All this after an equally strong run for the asset class at 2021 auctions. “We will not speculate if 2022 will close even higher, but what we can see is lots of interest among investors to collect tangible assets – and not just any diamonds either,” said Sophie.