Sotheby's to auction most impressive +84ct diamond

Sotheby's Geneva will offer a magnificent84.37 carat, brilliant cut, D flawless, diamond for auction during its Magnificent Jewels in Geneva on November14.

The diamond is the largest brilliant cut diamond of top quality to appear at auction and is estimated at $12-16 million. The diamond has received the highest possible grading from the GIA with the report listing the stone D-color, Flawless Clarity, and Excellent Polish and Symmetry.

Sotheby's stated the impressive diamond doesn't have a name, but the future owner would hold the privilege. Sotheby's Geneva has in the past sold "named" diamonds, including the Star of the Season (100.10 ct.) which was sold for $16.5 million back in May 1995. It remains the most expensive jewel ever to have been sold at auction.

Together with other highlights from the Geneva sale of Magnificent Jewels, the 84.37 ct. diamond will be on view in Hong-Kong October 3-8; Paris October 11-12; New York October 14-17; Rome October 18-19; Los Angeles October 22; London October 24-26; Dubai October 29-30; Bahrain October 31 through November 1; and in Geneva November 10-13.

Diamond prices to touch record highs in coming months?

According to Hochreiter Finance Group, diamond prices are expected to hit "new highs" over the next 12 months, as the divide between supply and demand widens.

"If you are actively involved in the production and sales of diamonds, the future looks extremely bright."
"Global diamond sales reached $72 billion in 2006-an increase of six percent."
"All this is being driven by the US, which account for about 43% of sales, but new trends are appearing."

"In China about 40% of the women are now getting married with diamond rings, and that trend is expected to increase significantly over the coming years."

"India is a rapidly strengthening sector with a growth rate of 26% last year, which will continue."

"Further, with the weakening US dollar, diamond demand tends to pick up in other countries."
"So as demand increases and supply decreases, the market will balance itself by sharp increases in the price of diamonds from the next year through to 2015."

All this according to HFG who also predicts the supply decline in many of the world's major diamond producing countries will continue, with Botswana production expected to lose about $460 million in production; Russia $ 260 million and South Africa $ 160 million between 2005 -2015.

Antwerp 2007 Diamond Conference

The gala dinner, with Princess Mathilda in attendance, provided two interesting speeches.
Johnson Seirlieaf, the president of Liberia, stressed the tough situation of her country.
Only recently the international community allowed it to start export its rough diamonds after years of strife. Underlining the country's situation, she expressed appreciation for a quarter of million dollars contribution to help set up rough diamond facility, an amount most countries can afford to spend very easily.

No doubt the star of the evening was Sir Bob Geldof, who delivered a fiery speech.
"A cow in Europe, an unnecessary cow, some of them in your plates right now, gets a $2.50 subsidy in Europe, while a human in Africa gets $0.50, per annum!"Geldof said as he criticized the West's treatment of Africa, not providing it with necessary economic assistance.

"It's a pebble, a polished pebble", he said about diamonds, adding that peoples lives are dependent on what is decided by the crowd."He also criticized the weaknesses of the Kimberley Process. "Al it takes is a country that doesn't care(about KP) and some of their representatives are sitting in this room."

He called for a Marshall plan for Africa, which helped resurrect Europe and Japan after WW II.

Despite a feeling among attendants that Geldof rained on the industry's parade, he got a standing ovation from the crowd.