Mined-in-india diamond fetches record $39m at NY auction CHRISTIE’S TOP SELLING STONE

NEW YORK: An extraordinary 34- carat ‘Princie’ diamond from the mines of Golconda has sold for a record US$39 million (approximately Rs213 crore) at an auction in New York on Tuesday.

Once owned by the world's richest man — the last Nizam of Hyderabad — the diamond, a 34.65-carat Fancy Intense Pink cushioncut sparkler, was purchased by an anonymous collector bidding by phone.

It set a new record at Christie’s New York, selling for US$3,93,23,750 with premium, or US$11,35,000 (approximately Rs6 crore) per carat. The sale price surpassed the previous house record of US$24.3 million (approximately Rs130 core) set in December 2008 with the sale of the Wittelsbach Diamond.

Among important large diamonds, the Princie possesses all of the most desir- The 34.65-carat diamond set a new record at Christie’s NY, selling for US$3,93,23,750 (approximately Rs213 cr) with premium “A major event took place in the auction industry with the record breaking sale,” said Rahul Kadakia, head of jewellry, Christie’s Americas and Switzerland. able qualities collectors seek in diamonds: large size, desirable shape and polish, exceptional colour and quality, Golconda origins, and a noble history.

First offered at an auction in 1960 as “Property of a Gentleman” — later revealed to be the Nizam of Hyderabad himself, Sir Mir Osman Ali Khan — the dia- mond was purchased by the London branch of Van Cleef & Arpels for a mere 46,000 pounds.

The Nizam was proclaimed as the richest man in the world by Time magazine in 1937.

The diamond’s unique name was bestowed at a party at the firm's Paris store, where it was christened the “Princie” in honour of the 14-year-old Prince of Baroda, who attended the party with his mother Maharani Sita Devi.