Catherine’s replica crown priced at $20m
A replica of Russian queen Catherine the Great’s imperial crown stole the show at this week’s Israeli diamond market in Ramat Gan, as the industry eyes a recovery.
Set with 11,352 diamonds, the crown took pride of place at the entrance to an enormous hall on the outskirts of Tel Aviv, as hundreds of dealers from 30 countries struck deals at Israel’s sixth International Diamond Week.
Israel is one of the world’s largest trading centers for rough and cut diamonds, rivaling Antwerp in Belgium and Mumbai in India.
The crown made of pearls and diamonds of more than 1,900caratswasonsaleforthe “modest sum” of $20 million, said Dmitry Moiseev of the Russian diamond group Kristall Smolensk which owns it.
“Contacts with buyers have been established and we are hopeful,” he said.
Hundreds of traders discussed deals and examined stones in the large hall, with diamonds on show that had been cut by jewelers into bracelets, rings, earrings or decorations for watches.
Despite the event overlapping with Valentine’s Day, the atmosphere remained serious.
“Millions are at stake,” said Tomer Cohen-Tzion, a professional who cautiously removed a 36-carat stone from a small black box. It was on sale for $1.5 million.
To protect the riches, the fourbuildingsofthediamond exchange are monitored by sophisticated security and a squad of guards.
Visitors had their fingerprints registered on entry to the venue.
Eli Avidar, managing director of the diamond exchange, said the market was showing a recovery.
“The world has been in a coma for some years,” since the 2008 financial crash, he said.
“But the US is on the rise now, and China, which worried us a lot since it was frozen, this year is beginning to riseagain.Indiaisalsorising.”
Last year, Israel’s exports of polished diamonds fell by 6.4 percent to $4.68 billion, but Avidar predicted a rebound — with up to 20 percent growth.
Major customers include the United States, Belgium and Hong Kong.
For Avidar, the secret of Israel’s success is that it specializes in “large stones, or special colors”, allowing businesses to absorb the higher labor costs.
“On a stone of $500,000 to a million dollars, (wages) don’t matter,” he said.
The market has also opened a new auction center.
“Israeli diamond dealers will no longer have to travel around the world to buy rough diamonds and they will be able to get supplies on the spot,” Avidar said.