32 Carat Diamond Sells for Record Price at Christie’s

October 21st, at Christie’s in New York, an anonymous buyer paid $7.7 million for a ring set with a 32.01carat square emerald-cut D flawless diamond, which had belonged to the late Mrs. Leonore Annenberg. The mounting was designed by David Webb and was composed of two pear-shaped diamonds weighing 1.61ct and 1.50ct.

The diamond itself is spectacular: very large and perfect by most standards. The diamond also had a provenance, a history of ownership, which is impressive. The diamond had been owned by the philanthropist Leonore “Lee” Annenberg, purchased on the occasion of her 90^th birthday. While the name is familiar to most of us, the true depth of the generosity of the late Honorable and Mrs. Walter H. Annenberg is astounding. The Annenberg Foundation has donated an estimated $4.2 billion dollars to cultural, educational and medical institutions. Among these gifts was a $500 million donation to public education, one of the largest gifts in philanthropic history. In 2002, upon Ambassador Annenberg’s death, the couple’s collection of Impressionist art, valued at $1 billion, was given to the Metropolitan Museum of Art.

It appears that in this tough economic climate there is still a market for rare, collectible gemstones. This year has seen several record setting sales, including the previous record for a 30 carat D flawless diamond, which was set this year in Geneva in May; and a 7.03ct rare blue diamond which sold at Sotheby’s for $9.5 million.