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Leibish & Co
Tuesday, August 9, 2011
Seized 43-Ct. Fancy Yellow Diamond Up for Online Auction
The feds, in its duty, confiscate and sell many items but this one is quite a beauty: A 43.51-ct. fancy intense yellow diamond. This internally flawless cushion modified brilliant cut stone will be available for auction September 6 – 9 at online auction site, Bid4Assets. The minimum bid is set at $900,000 and is currently on preview on the auction website.
The diamond, which measures about an inch in length, was seized in a drug sting in 2006 by the U.S. Marshals Service Northern District of Ohio. The feds had the diamond authenticated by the GIA (REPORT 15154097, June 8). However, the origin of the diamond cannot be determined.
This diamond spans 1.42 length-to-width ratio. It has a pure yellow hue with no green or orange modifying color and the color distribution is very even with no visible zoning present, according to a joint statement from USMS and Bid4Assets. “The diamond is believed to be one of the world’s most perfect and flawless canary yellow diamonds.”
The diamond belonged to Ohio businessman Paul Monea, according to court documents. Monea was convicted of money laundering and conspiracy in 2007 in U.S. District Court in Akron. He tried to sell the gem, known as the “Golden Eye,” to undercover agents posing as brokers for a South American drug cartel.
The USMS requires that bidders submit a refundable pre-bid deposit of $180,000 prior to placing a bid. Instructions for submitting the deposit can be found on the auction listing page.
There will be a viewing held for this diamond from August 29 till September 2 in Cleveland, Ohio. Only serious, qualified buyers who have submitted a deposit may view the diamond. To request an appointment time, send an email to Inspections@bid4assets.com. Interested buyers can contact Bid4Assets with any questions by sending an email to service@Bid4Assets.com or by calling 877-427-7387.
This blog is for those who are passionate about jewelry and watches and want to learn more about the industry. It's a place to find the best new products from all over the world and the latest news about the business of jewelry, watches and luxury. Readers gain a backstage pass to the glamour, fun and difficulties of the industry.
I am a freelance writer and editor who covers the luxury jewelry and watch industry for several publications, including Forbes.com the Financial Times, Hong Kong-based JewelleryNetAsiaand the Italian jewelry magazine, VO+. In addition, I have my own blog covering the jewelry and watch industry, Jewelry News Network.