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Tuesday, October 15, 2013

Kim Kardashian’s 20-Carat Engagement Ring Fetches $749,000 At Auction

Kris Humphries reportedly said he just wanted to move on so he can’t be too disappointed for the price his 20.5-carat diamond engagement ring to Kim Kardashian achieved at auction Tuesday.

The NBA basketball player, who paid a reported $2 million for the diamond and platinum ring for the reality TV star in 2011, saw the ring sell for $749,000 during Christie’s Magnificent Jewels auction. While the ring did not sell for its original price it did easily exceed the high auction estimate of $500,000.

Listed simply as an “Impressive Diamond Ring,” the ring designed by Lorraine Schwartz is set with a 16.21-carat rectangular-cut diamond with I color, VS1 clarity. The diamond is flanked on either side with a trapeze-cut diamond, each weighing approximately 1.80 carats. 

The celebrity couple separated after 72 days of marriage in 2011. The divorce became final in 2012.

Although reports started circulating as to the owner of the ring, the provenance wasn’t confirmed until an unidentified person representing Humphries told E! News that it was indeed being sold by him. 

“He has long-since moved on and is very much looking forward to a successful auction at Christie's on Tuesday, and of course to returning to the court this upcoming NBA season as a Boston Celtic,” the representative said in a statement to the entertainment news network.

Rahul Kadakia, head of Jewelry for Christie’s Americas and Switzerland, who led the auction, announced that a portion of proceeds will benefit a charity. 

Bidding began at $200,000 and quickly rose to $480,000. After a pause it went to $520,000. It then slowly climbed to reach a final bid of $620,000. Commission and fees bought the price of the ring to $749,000.

It was the last item of the morning session of the auction. It is scheduled to resume at 2:30 p.m.

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