World’s Largest Orange Diamond Sells For A World Record $35.5 Million

A 14.82-carat fancy vivid orange diamond set two world records as it sold for more than $35.5 million at Christie’s Geneva Magnificent Jewels sale held Tuesday.

Simply called “The Orange,” the gem set a world record for a fancy vivid orange diamond. And at $2,398,151 per carat, it also set a world record price per carat for any colored diamond sold at auction. It shattered its high estimate of $21 million.

“Time and again, a stone will appear on the market that is truly a miracle of nature,” said François Curiel, International head of Christie's Jewellery Department. “The 14.82-carat orange diamond is one such a stone, a rare gem, which will perhaps only be seen once in a lifetime. In the sale on Tuesday, it soared far above all previous records for any orange diamond ever sold at auction, placing The Orange among the greatest pinks and blues, which are traditionally the most appreciated colored diamonds.”

There was little question that the diamond was going to fetch a record price. It is believed to be easily the world’s largest orange diamond. It is approximately three times larger than the two other known large orange diamonds: The 5.54-carat “Pumpkin Diamond,” which was sold privately, and a 4.19 carat fancy vivid orange diamond sold at auction for a record price of $2.95 million in October 2011.

It was the last of the 286 lots that were up for sale at the auction held at the Four Seasons Hotel des Bergues. 

The bidding opened at 10 million Swiss francs and quickly reached $20 million francs before the bidding slowed and the increments of bids switched from 1 million francs to a half-million. It appeared on the Christie’s live Internet feed that several bidders were in the room competing with those on the phones. Applause followed the winning bid of 29 million francs ($31.6 million). The final total of $35,531,974 million includes fees and commissions.

Pure orange diamonds are exceptionally rare, the auction house said. It is more common to find orange diamonds with secondary colors. The orange color is the result of the presence of nitrogen during the diamond’s creation.

The Gemological Institute of America, which graded the diamond and issued its report, recently said: “Strongly colored diamonds in the orange hue range rarely exceed three or four carats in size when polished. (This diamond) is almost four times larger than that size range. In GIA’s colored diamond grading system, as the color appearance of strongly colored diamonds transitions from orangy yellow to orange the occurrence becomes progressively more rare—that is—the less yellow present the more rarely they occur.”

In the GIA report, the diamond was graded as VS1 clarity, and classified as a Type IA.

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Big Pink and Orange Diamonds to Lead Geneva Auctions

The 59.6 carat "Pink Star."

If one would compare major jewelry auctions to prizefights (like I’m doing), then the large, statement diamonds would be the heavyweight contenders. The top prizes in the heavyweight division this year are extremely rare fancy colored diamonds that will be put up for auction in Geneva this week by Sotheby’s and Christie’s.

Sotheby’s on Wednesday will be offering what it calls “the most valuable diamond ever to come to auction” as part of its Magnificent Jewels sale. The Pink Star is a 59.6 carat internally flawless fancy pink vivid diamond and has a pre-sale estimate in excess of $60 million.

The diamond is graded as Type IIa, which rare for a pink diamond of this size and color. Cut over a period of two years, The Pink Star is more than twice the size of the Graff Pink—a 24.78-carat fancy intense pink diamond that established a world auction record for a diamond and any gemstone or jewel at $46.2 million, at Sotheby’s Geneva in 2010. The current record price per carat for a fancy vivid pink diamond ($2,155,332) set by a 5-carat diamond, sold in Hong Kong in January 2009.

Cut by Steinmetz Diamonds from a 132.5-carat rough, the diamond was first unveiled to the public in May 2003 as the “Steinmetz Pink.” The stone was first sold privately in 2007 and renamed The Pink Star.

In total, the Sotheby’s Magnificent Jewels sale will comprise over 370 lots, including iconic jewels, such as the “Walska Briolette Diamond” brooch with an estimate in excess of $8 million. The total sale has a pre-sale estimate of $123 million to $167 million.

The 14,82 carat "Orange"

Meanwhile, on Tuesday, not to be outdone, Christie’s will sell the largest fancy vivid orange diamond ever to appear at auction at its Magnificent Jewels sale. Weighing approximately 14.82 carats, this diamond, called simply “The Orange,” is expected to fetch between $17 million and $21 million.

Pure orange diamonds are exceptionally rare, the auction house said. It is more common to find orange diamonds with secondary colors. The orange color is the result of the presence of nitrogen during the diamond’s creation. Among the very few fancy vivid orange diamonds that were ever sold at auction, the largest was the “Pumpkin Diamond” 5.54 carats. The Orange is more than double that size. A 4.19 carat fancy vivid orange diamond sold at auction for a record price of $2.95 million in October 2011.

Other items being presented at Christie’s Magnificent Jewels auction include three jewels from the world famous collection of Bolivian tycoon Simón Itturi Patiño, with the highlight being an emerald and diamond necklace by Cartier, 1937. The ‘Property of Hélène Rochas’ will include 18 lots, with a rare diamond and colored diamond ‘Tiger’ shoulder brooch, by Boivin. The Art Deco period will be represented by HRH Princess Faiza of Egypt emerald drop and diamond necklace by Van Cleef & Arpels, 1929, and an “Orientalist” emerald and diamond sautoir by Cartier, 1926.

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Famous Bulgari Jewelry on Display in San Francisco

“Tubogas” choker, 1974; two-color gold with Greek silver coins. Bulgari Heritage Collection, inv. 404 N607. © Antonio Barrella Studio Orizzonte.

By Maria Ling,
Assistant Editor

One more reason to spend the holidays in San Francisco is the ongoing exhibition of Bulgari jewelry at the de Young Museum. 

“The Art of Bulgari: La Dolce Vita & Beyond 1950 - 1990,” is an exhibition of approximately 150 pieces created by the renowned Italian jeweler over four decades. It highlights jewelry that defined a pivotal period in Italian design, and includes pieces from the personal collections of Elizabeth Taylor, Ellen Barkin and other famous names. The exhibition will run through February 17, 2014.

Sautoir, 1969, platinum with sapphires and diamonds. Formerly in the collection of Elizabeth Taylor. Bulgari Heritage Collection, inv. 6675 N2170 © Antonio Barrella Studio Orizzonte.

Bulgari notably began to create its own trademark in jewelry in the 1960s by embracing boldly-colored combinations of gemstones, use of heavy gold, and forms derived from Greco-Roman classicism, the Italian Renaissance, and the 19th-century Roman school of goldsmiths. The company helped to develop a look that would come to be known as the “Italian school” of jewelry design. Pieces in the exhibition display the jeweler’s eclectic creativity and invention during this period.

Bracelets, 1955 and 1959; platinum with diamonds. Formerly in the collection of Ellen Barkin. Bulgari Heritage Collection, inv. 4924 B527, 4925 B528 © Antonio Barrella Studio Orizzonte.

Works in the exhibition also include those from the 1970s and 80s, a particularly innovative period for the jeweler and one influenced by Pop Art and other contemporary trends. 

“Parentesi” parure, ca. 1982; Gold with diamonds. Bulgari Heritage Collection, inv. 5063 E173, 5068 N1500, 5072 B508 © Antonio Barrella Studio Orizzonte.

“The hard-edged designs of the 1970s included a whole range based on the Stars-and-Stripes motif, while in the 1980s the Parentesi collection had a smoother, modular, almost architectural presence; both show how the jeweler could lead in new directions with a strong sense of design,” said Martin Chapman, curator in charge of European Decorative Arts and Sculpture at the Fine Arts Museums of San Francisco.

“Bib” necklace, 1965; Gold with emeralds, amethysts, turquoise, and diamonds. Formerly in the collection of Lyn Revson. Bulgari Heritage Collection, inv. 401 N565. © Antonio Barrella Studio Orizzonte

Bulgari’s successful cultivation of prominent patrons and movie stars like Sophia Loren, Ingrid Bergman, and perhaps most notably, Elizabeth Taylor, has long been a key aspect of the jeweler’s reputation. 

To help explore the cultural context in which these objects were made, the exhibition will include sketches, photographs, and other archival materials that help to reveal an intersection of celebrity, design and fine craftsmanship.

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Met Museum to Sell Exclusive Jewelry Designed by JAR

JAR Lilac Brooches, 2001; diamonds, lilac sapphires, garnets, aluminum, silver and gold. From a private collection. Photograph by Jozsef Tari, courtesy of JAR, Paris.

To coincide with highly anticipated Jewels by JAR exhibition at the Metropolitan Museum of Art, the museum has announced that the famous jewelry artist has created a small collection of jewelry for the exhibition that will be available for purchase. 

The items include eight pairs of earrings and two watches ranging in price from $2,000 to $7,500. These pieces will be available exclusively at the Museum through the close of the exhibition. 

The museum, probably at the request of the renowned jewelry designer, will not have photographs available of the items for sale until November 18. The picture above will be one of the pieces in the exhibition and not for sale at the Special Exhibition and Mezzanine Gallery Shops. 

The exhibition Jewels by JAR will run from November 20 through March 9, 2014. The exhibition features more than 400 works by Joel A. Rosenthal, who works in Paris under the name JAR. Jewels by JAR is the first JAR retrospective in the United States and the first at the Metropolitan Museum devoted to a contemporary artist of gems.

Born in New York and educated at Harvard, Rosenthal moved to Paris soon after graduation and began to experiment with jewelry making. He opened JAR in 1978 on the Place Vendôme, in the same space he occupies today. 

“JAR jewels quickly became known for their unique design, the exquisite quality of the gemstones, and their remarkable craftsmanship—but above all for their fearless beauty,” the museum said in a statement. “Rosenthal’s extraordinary, one-of-a-kind creations place him among the ranks of history’s greatest jewelers.” 

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British Firm Mappin & Webb Reinvents Itself with New Creative Director and Jewelry Collection

The motif of this elaborate 18k white gold cuff from the "Empress" collection is repeated in concentric circles set with 6.15 carats of diamonds and 5.84 carats of round-cut pink gems.

Mappin & Webb is a company that has undergone many changes in its 238-year history but always had Great Britain running through its veins.

Founded in 1775 in Sheffield as a cutlery firm, the company eventually developed a specialty as a metalsmith. It is now primarily known as a jewelry and gift retailer. It has been commissioned by royalty since 1905 and currently holds Royal Warrants (given to tradespeople who supply goods or services to a royal court or certain royal persons) as a silversmith to Queen Elizabeth II and Prince Charles.

Today, it is undergoing another transformation under the direction of its new creative director, Elizabeth Galton, best known as the creative director of Links of London. This means revitalizing just about everything, from store concept and advertising campaigns through to collections and brand packaging. 

The Fortune Drop Necklace uses the infinity band as a small pendant, suspended from a double-loop 18k yellow gold chain.

"We feel we have a moral duty to return this glorious British brand back to an international stage and it is a journey we feel very passionate about," Galton said.

Galton recently unveiled new collections that reinterpret historic motifs from the company’s archives, making them relevant to a modern audience through contemporary designs.

The “Empress” collection was inspired by a bespoke Mappin & Webb design for the Queen of Siam, commissioned in the 1920s and rediscovered in the jewelry house’s historic archive.

The delicate and decorative circular motif was characteristic of brooches beloved by the Eastern aristocracy of the time. The 24-piece collection of diamond rings, necklaces, bracelets and earrings unite mythical exoticism of the East with a playful, modern spirit. It features modern-18k white, yellow and rose gold set with brilliant round-cut diamonds and, in some cases, pink sapphires.

The Fortune collection includes infinity bands, bracelets, necklaces and earrings pairs gleaming 18k white, yellow or rose gold with strands of sparkling diamonds.

Platinum necklace with Gemfields’ Zambian emeralds, 33.86 carats and diamonds, 7.26 carats.

The company also provided a one-of-kind necklace using emeralds provided by Gemfields, a colored gemstone miner and marketer. It was part of a bespoke jewelry collection created by leading designers with emeralds, rubies and amethysts from Gemfields.

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Blue Nile Q3 Sales Up 10.1%, Net Sales Total $2.9 Million

Blue Nile, Inc. said Thursday that net sales increased 10.1% year-over-year to $98.9 million for the third quarter ended September 29. Operating income for the quarter totaled $2.5 million, representing an operating margin of 2.5% of net sales. Net income for the period totaled $2.9 million (compared with $1.7 million in the third quarter of 2012) or $0.23 per diluted share.

Non-GAAP adjusted EBITDA for the quarter totaled $4.6 million. 

"These results demonstrate once again that our strategy is working. Our third quarter sales increase of 10.1% is on top of 19.8% in the prior year and is our sixth consecutive quarter of double digit growth," said Harvey Kanter, president and CEO of the diamond and jewelry online retailer. 

Blue Nile's Board of Directors authorized the renewal of the company's share repurchase program. It has the authority to repurchase up to $100 million of its common stock over the next two years. 

Third quarter financial highlights for the Seattle-based company include the following:

* U.S. engagement net sales increased 7.1% to $57.9 million.

* U.S. non-engagement net sales increased 9.6% to $23.9 million.

* International net sales increased nearly 23% to $17.1 million. Excluding the impact from changes in foreign exchange rates, international net sales increased 27.6%.

* Gross profit totaled $18.7 million. As a percent of net sales, gross profit was 18.9% compared to 18.8% for the third quarter of 2012. 

* Selling, general and administrative expenses were $16.2 million, compared to $14.3 million in the third quarter of 2012. These expenses include stock-based compensation expense of $1.2 million, compared to $1.3 million for the third quarter 2012.

* Earnings per diluted share included stock-based compensation expense of $0.06 for the third quarter 2013 and for the third quarter 2012.

At the end of the third quarter 2013, cash and cash equivalents totaled $47.9 million.

In its outlook, Blue Nile said it expects fourth quarter net sales to be between $146 million and $161 million. Earnings per diluted share are projected at $0.37 to $0.46.

For the year, the company said it expects net sales to be between $450 million and $465 million with earnings per diluted share are projected at $0.84 to $0.93.

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Istanbul Jewelry Show Reports 27% Increase in Visitors

The Istanbul Jewelry Show October 2013 “ended on a high note,” according to show officials, with a “remarkable” 27 percent increase in total visitors compared to the 2012 edition. A total of 14,861 buyers, including 3,470 revisits, were recorded at the four-day event, which ended October 6. 

The trade fair (which just completed its 37th edition in 28 years) targets the Middle East, Eastern Europe, North Africa, Russia and the CIS Countries. Participation by the United States and Asia confirms its professional and international status in the jewelry industry, said show officials representing UBM Rotaforte, which organizes the trade fair held twice per year at the Istanbul Fair Center.

A total of 67 percent of visitors were domestic and 33 percent were from overseas representing 95 countries. Countries with the top visitors were: Turkey (9,990), Iran (730), Russia (482), United Arab Emirates (243) and Ukraine (207). 

They were there to see products and offering on 30,000 square meters of exhibit space from country and group pavilions of Hong Kong, Italy and Thailand, and more than 800 companies and brands from Belgium, mainland China, India, Lebanon, Spain, UAE, and USA. In total, companies from 14 countries participated in the trade fair.

Sermin Cengiz, managing director of UBM Rotaforte, said the sector in Turkey is currently planning a target of $5 billion worth of exports in the next three years, with the Istanbul Jewelry Show playing an important role in contributing to that target. 

“The show creates a meeting point that ranks high on the agenda of every professional in the industry,” he said. “I am comfortable to say that our October fair has become a brand just like our March edition…. The rise in exhibitor numbers, exhibition space and number of visitors this year not only confirms the fair's international status but also highlights Istanbul’s important role in the global jewelry trade.”

UBM Rotaforte, is a joint-venture company formed by UBM Asia and Rotaforte International Fairs Inc., owns the Istanbul Jewelry Show, an international exhibition for jewelry, gems, watches and related equipment.

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