Market NewsCommentSotheby's fails to sell 72 crt diamond

Sotheby's fails to sell 72 crt diamond

Sotheby's failed to hammer off a 72.22-carat, 'D' flawless white diamond at its Asian sales last week, Reuters reported. The large diamond which had a pre-sale estimate of $10-12 million, attracted a final bid of HK$73 million ($9.24million) that fell short of the reserve price and went unsold, Sotheby's press officer Rhonda Yung told Reuters. The diamond was later sold to a private buyer for an undisclosed sum, Sotheby's said. Yung added that several international buyers had bid for the stone but "confusion over exchange rates" had caused the auctioneer to retract some bids and may have dampened buyer enthusiasm. The Sotheby's stone was the third largest "pear-shaped" diamond ever auctioned globally, and was of exceptional quality given its size, symmetry and esteemed "Type IIA" rating, given only to the most brilliant of white "D" color diamonds.

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