New York Magnificent Jewels and The Princie Diamond

An extraordinary 34.65 carat Fancy Intense Pink diamond set a new record high at Christie’s New York on April 16, selling for $39,323,750 (£25,560,438 / €29,886,050) with premium, or $1,135,000 per carat. The diamond – a cushion-cut sparkler that originated from the ancient Golconda mines in South Central India -- was purchased by an anonymous collector bidding by phone.

The sale price represents a new record for any jewel sold at Christie’s, surpassing the previous house record of $24.3 million set in December 2008 with the sale of the Wittelsbach Diamond. Among important large diamonds, the Princie possesses all of the most desirable qualities today’s collectors seek in diamonds: large size, desirable shape and polish, exceptional color and quality, Golconda origins, and a noble history. It was first recorded in the holdings of the Royal family of Hyderabad, rulers of one of the wealthiest provinces of the Mughal Empire. First offered at auction in 1960 as “Property of a Gentleman” (later revealed to be the Nizam of Hyderabad himself) the diamond was purchased by the London branch of Van Cleef & Arpels for £46,000, which corresponds to US$1.3 million today and highlights the tremendous investment opportunities in the world of diamonds. The diamond’s unique name was bestowed at a party at the firm’s Paris store, where it was christened the “Princie” in honor of the 14-year-old Prince of Baroda, who attended the party with his mother Maharani Sita Devi. 

Further highlights of the day-long auction at Christie’s included top-quality white diamonds and natural pearls. The second highest price of $4,435,750 was achieved for a rectangular-cut D color diamond of 30.32 carats, or $146,300 per carat. A superb marquise-cut D color diamond ring by Harry Winston fetched $3,259,750, and a three-strand natural pearl necklace was purchased by a Middle East buyer for $1,131,750. The total sale of over 290 jewels realized a combined total of $81,358,700 (£52,883,155/ €61,832,612), marking the highest various owner jewelry sale total in the United States.

Rahul Kadakia, Head of Jewelry, Christie’s Americas and Switzerland, commented: “A major event took place in the global auction industry with the record breaking sale of The Princie Diamond at Christie’s New York. Aside from Christie’s sale of the legendary Collection of Elizabeth Taylor, this was the most successful jewelry auction ever held in the United States and Christie’s was proud to have orchestrated the sale of such an historic gemstone.”