Yellow gemstone sets record at auction

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Giant yellow diamond auctioned for over $10.9M


The Sun-Drop Diamond of South Africa, a giant pear-shaped yellow gem weighing 110.3 carats, has sold for more than $10.9 million at auction Tuesday, beating previous records for a jewel of its type.Including commission the unidentified telephone bidder paid almost $12.4 million for the gem, putting it within the $11 million to $15 million range Sotheby's had estimated before the sale.

Yellow gemstone sets record at auction

"It's a record for a yellow diamond at auction," said David Bennett, the head of Sotheby's jewelry division. He added that it was the eighth most expensive diamond ever sold at auction.

After Sotheby's sold a 24.78-carat fancy intense pink diamond for a record-breaking $46 million last year, some had expected the auction's headline piece to finish higher."When it gets to this price there are only half a dozen people who can actually participate," said Mourad Hatik, a Geneva jewel trader. "If they decide they already have a similar stone, then the price doesn't go up."Yellow gemstone sets record at auction