Super rare purplish-red diamond sets world record at Christie’s auction in Geneva, bought by Dubai-based ‘Tiara Gems and Jewellery’

On Wednesday, Christie’s made jewellery auction history. A rare rectangular-cut fancy purplish-red diamond ring of 1.05 carats, sold for $2.77 million – establishing a house and worldwide record of price per carat for a diamond of that color.

The 1.05-carat fancy purplish-red diamond with VS2 clarity was bought by ‘Tiara Gems and Jewellery DMCC’ company owned by Dubai-based Indian expat Ashish Vijay Jain. The stone is mounted on a platinum and gold ring flanked by two heart-shaped diamonds.

According to Ashish Vijay Jain, the diamond will go on display in his family’s jewellery store, which is currently under construction in the Gate Avenue mall at the Dubai International Financial Centre (DIFC).

“The jewellery industry is growing rapidly, becoming more competitive and must be sensitive to consumer sentiment. Amidst the COVID-19 pandemic, there will always be interest for rare stones, which are an investment opportunity. Natural colored purplish-red diamonds are the rarest of the gems,” he said.

“Despite the challenging environment and the first auction at the Four Seasons Hotel de Bergues without clients present in the room, Christie’s saw strong bidding from all over the world, both online and on the telephone. With a sale through rate of 89%, it shows the market is robust and there is very competitive demand for exceptional jewels and colored stones. We look forward to our successful sales in Paris, London, Hong Kong and, finally, New York to conclude the season,” Max Fawcett, Head of Department at Christie’s said.

Christie’s Magnificent Jewels auction at the Four Season Hotel des Bergues in Geneva featured a curated selection of historic and modern jewellery from all periods as well as the most famous jewellery houses such as Boivin, Boucheron, Cartier, JAR, Van Cleef & Arpels and many more.

In light of the COVID-19 pandemic, all live auctions are available for remote bidding only. Clients can watch the sales, and bid online in real time from their home through Christie’s LIVE™, or alternatively, by telephone or through absentee bid.