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Rare red diamond fails to sell at Sotheby’s Australia
The diamond’s bidding closed much lower than its estimated sale price
By: Diamond World News Service
Apr 14 2010 4:12PM
Reference: 4857  


The highlight of Sotheby’s Australia auction, a 0.82-carat oval-cut fancy purplish red-color diamond from the Argyle Mine failed to sell at the auction. It’s expected sale price was set between $0.76 million -$1.1 million, but its biding price opened at $480,000 and closed $490,000, reports say.

The diamond is of SI1 clarity and set between a pair of brilliant, round-cut, fancy blue diamonds mounted in platinum. It was the first red diamond and the first stone from the Argyle Mine to be auctioned in Australia, reports add.

The Sotheby’s Australia auction offered 250 lots in sale, with antique and contemporary jewellery, reports add.

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Daniel Katz www.DiamondImports.com.au
The closing price of AUD$490,000 passed in was a very fair offer. The red oval diamond is only worth AUD$300,000 at the very maximum but a more accurate value would be AUD$250,000. Your story neglected to mention the bidding price was in Australian dollars not US therefore based on current foreign exchange deduct approximately 10% from the AUD$490,000.00. In addition I spoke with the highest bidder who was not impressed by the auctioneer's lack of professionalism.The build up prior to auction claiming the diamond ring was expected to reach between AUD$700,000 to AUD$1 million was an inferior attempt to convince others that the item was a great buy.You could be forgiven for thinking that this kind of advice aimed at investors is written by experts.
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