Lilian Raji gives advice to designers on how to make the most of great publicity opportunities.
$13 Diamond Ring Sells for $850K
For years, its owner thought it to be a piece of costume jewelry. Now, she’s almost a million dollars richer.
London--The owner of a diamond ring long believed to be an essentially worthless piece of costume jewelry saw the ring sell for more than $800,000 on Wednesday at Sotheby’s London.
The buyer, who wishes to remain anonymous, paid 10 British pounds (about $13) for the ring in the 1980s, buying it at a car-boot sale, a sale where people look to offload unwanted items out of the trunks of their cars.
She wore it for decades to do chores and run errands, unaware that what she was wearing wasn’t a piece of cheap glass but a big, high-quality diamond. The stone’s old-fashioned cut and dark setting (it was set in a silver mounting that had tarnished) were likely why the ring’s owner didn’t know what she had, Sotheby’s said prior to the sale.
Then, one day, a local jeweler spotted the ring on the woman’s finger and, thinking it could be a real diamond, suggested she get it appraised.
She did and it turned out the jeweler was right--it was a real diamond, a 26.29-carat cushion-shaped stone graded as I color and VVS2 clarity by the Gemological Institute of America.
The diamond dates to the 19th century, though nothing is known of its history prior to its purchase in the 1980s.
At Sotheby’s Fine Jewels sale held Wednesday in London, a buyer paid 656,750 British pounds (including buyer’s premium), or about $851,000, for the ring.
It was the top item in the sale, topping its highest pre-sale estimate by $400,000.
The buyer of the ring, which Sotheby’s referred to as the “Tenner” diamond because of the original price paid (10 British pounds), was identified by the auction house only as a member of the international trade.
Sotheby’s Fine Jewels sale totaled 5.2 million British pounds ($6.7 million) and was 80 percent sold by lot.
The second highest-grossing lot of the sale was a Cartier diamond brooch that former British Prime Minister Margaret Thatcher wore on a number of high-profile public occasions, including the day she offered her resignation to the queen.
The brooch sold for 81,250 British pounds ($105,308), more than three times its highest pre-sale estimate. Proceeds from its sale will go to the Endeavour fund, a charity that supports
The Latest
The mining company wants to divest its 70 percent holding in the Mothae Diamond Mine in an effort to streamline its portfolio.
Why do so many jewelers keep lines that are not selling? Peter Smith thinks the answer lies in these two behavioral principles.
Despite the rising prices, consumers continue to seek out the precious metal.
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
The annual list recognizes young professionals making an impact in jewelry retail.
Owner David Mann is heading into retirement.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
While overall sales were sluggish, the retailer said its non-bridal fine jewelry was a popular choice for Valentine’s Day.
The mining giant also wants to offload its platinum business as part of an overhaul designed to “unlock significant value.”
Christie's is selling one of the diamonds, moving forward with its Geneva jewelry auction despite the cyberattack that took down its website.
The ad aims to position platinum jewelry as ideal for everyday wear.
Retailers can customize and print the appraisal brochures from their store.
The move follows a price-drop test run in Q4 and comes with the addition of a “quality assurance card” from GIA for some loose diamonds.
The site has been down since Thursday evening, just ahead of its spring auctions.
The late former U.S. Secretary’s collection went for quadruple the sale’s pre-sale estimate.
Three fifth graders’ winning designs were turned into custom jewelry pieces in time for Mother’s Day.
Kimberly Adams Russell is taking over the role from her father, David Adams, marking the third generation to hold the title.
As a token of womanhood, this necklace depicts when Venus was born from the sea.
The deal gives the retailer control over the distribution of Roberto Coin jewelry in the U.S., Canada, Caribbean, and Central America.
Show your mother some love with a piece of fine jewelry.
The company’s Easton location will remain open.
Brian D. Fleming of Carla Corporation was elected to serve a one-year term in the role.
Sponsored by the Las Vegas Antique Jewelry and Watch Show
Tobak, author of “Ice Cold: A Hip-Hop Jewelry History,” shares how the exhibition came to be, and the pieces people may be surprised to see.
Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.