Geneva Jewelry Auctions Smash Records—But Not Without Controversy

The Art of de Grisogono, Creation 1 necklace is the largest flawless D-color diamond ever offered at auction.

With its mix of statement gems, noble jewels, and signed period pieces, the twice-yearly jewelry auctions in Geneva are the stuff of legend. However, this week’s Christie’s and Sotheby’s sales could be best described as mixed with a combination of record results along with several high-ticket items being left on the block. There was even a spot of controversy thrown in to create a bumpy ride for the week.

The biggest story was the sale of the Art of de Grisogono, Creation 1, an unusual name for an asymmetric diamond and emerald necklace centered with the world’s largest flawless D-color diamond ever to come to auction, at 163.41 carats. It was the top lot of Christie’s Magnificent Jewels sale in Geneva Tuesday, November 14, fetching $33.7 million, a world record for a D-color flawless diamond. The diamond was cut from a 404-carat rough discovered in 2016 in the Lulo mine in Angola—the 27th largest rough white diamond ever discovered, and the largest in Angola. Fawaz Gruosi, founder of the luxury jewelry brand de Grisogono, purchased and named it “4 de Fevereiro.”

At Christie’s, an 8.27-carat cushion-shaped Burmese ruby sold for more than $5.5 million ($667,623 per carat), smashing its $1.2 million high estimate. Photo: Courtesy of Christie's

This is where the controversy comes into play. Angola, a region in Africa, is often cited as the world’s most corrupt country where an extremely wealthy elite rule over a desperately impoverished nation. There are charges of human rights abuses, including child labor, in the country’s diamond mines, where a significant portion of the country’s wealth is derived. It was recently discovered that Isabel dos Santos, the billionaire daughter of Angolan president Jose Eduardo dos Santos, purchased a 75% stake in de Grisogono through a shell company. Pressure erupted, including a well-known gem trader Yianni Melas, staging a water-only hunger strike for seven days outside the Four Seasons Hotel des Bergues where the auction was held, to bring attention to the alleged abuses of the Angolan people. The diamond necklace is the first in a new partnership between Christie’s and de Grisogono.

Outside of the Angolan controversy, the Christie’s auction was mostly successful with its big-ticket items performing well. (The auction of 298 lots fetched more than $106 million in total.) Its top lots included fancy pink and blue diamonds, Burmese emeralds, and Sri Lankan sapphires, all of which have been highly sought after the past few years.

Le Grand Mazarin, an historically significant 19.07-carat, light pink, VS2 clarity diamond that sold for more than $14.4 million ($758,437 price per carat). Photo: Courtesy of Christie's

The number two lot of the sale was Le Grand Mazarin, a historically significant 19.07-carat, light pink, VS2 clarity diamond that sold for more than $14.4 million ($758,437 price per carat). The diamond originated in the Golconda mines in India, known for producing the most storied diamonds on earth. It takes its name from Cardinal Mazarin, France’s Chief Minister in the 17th century, who assembled a collection of 18 exceptional gems toward the end of his life. The Grand Marzan is the largest of eight “square-cut” diamonds that became part of the French crown jewels and were under French royal ownership for more than 200 years.

Meanwhile, Sotheby’s Magnificent Jewels and Noble Jewels sale, held on November 15, had its share of disappointments along with some big sales. Overall, 86.8% of the 349 lots were sold, fetching approximately $78.6 million.

The biggest bust of the week was the 37.30-carat pink diamond, known as The Raj Pink. It was the top lot of Sotheby’s sale with an estimate of $20 million–$30 million and was promoted with a great deal of fanfare from the auction house. However, it failed to make the reserve price, with bids stalling at $14 million.

The Raj Pink failed to make the reserve price, with bids stalling at $14 million. Photo: Courtesy of Sotheby's

The Donnersmarck Diamonds consisting of a 102.54-carat cushion-shaped diamond and an 82.47-carat pear-shaped diamond. Photo: Courtesy of Sotheby's

Another high-profile miss was the Donnersmarck Diamonds, a pair of fancy intense yellow diamonds formerly in the collection of the von Donnersmarck family, consisting of a 102.54-carat cushion-shaped diamond and an 82.47-carat pear-shaped diamond. They were offered as a single lot with an estimate of $9–$14 million. Sotheby’s boasts that these diamonds are attached to one of the great love stories of the 19th Century but that provenance didn’t matter to buyers on that particular day.

Another colored diamond that was left on the auction block was a 7.41-carat oval fancy vivid blue diamond mounted as a ring in a frame of pink-tinted diamonds by London-based high jeweler, Moussaieff. However, Sotheby’s announced later that night that it was sold privately after the auction.

A 7.41-carat oval fancy vivid blue diamond mounted as a ring in a frame of pink-tinted diamonds by London-based high jeweler, Moussaieff. Photo: Courtesy of Sotheby's

The top lot of the Sotheby’s auction was a 33.63-carat fancy light pink diamond, mounted on a ring by Harry Winston that sold for more than $12.8 million, setting a new world record for the stone. The number two lot of the sale and the top lot among colored gemstones was a Burmese oval ruby weighing 18.86 carats, which sold for more than $5 million. This was followed by a fancy intense yellow diamond and white diamond necklace that fetched more than $4.1 million.

An 8.67-carat, rectangular cut, fancy intense blue, internally flawless diamond by Harry Winston that sold for more than $13.2 million ($1,524,600 per carat). Photo: Courtesy of Christie's

The auction also marked the 10-year anniversary of Sotheby’s Noble Jewels sales, dedicated to jewels with royal and aristocratic provenance. Notable sales in this category included a splendid diamond necklace and earrings from the first half of the 19th century, formerly in the collection of the Duchess of Berry (1798-1870) that realized more than $1.6 million, well above its $785,000 high estimate. Another highlight was an emerald and diamond necklace from the collection of the Italian princely family, Odescalchi, which sold for just over $1 million, well above its high estimate of $795,000.

The strength of signed period pieces was tested in the auction of 110 Art Nouveau and Art Deco Jewels from a private European collection by kicking off the week on Monday. It was a complete sell out, fetching more than $12.4 million.

An Art Nouveau enamel, diamond and pearl pendant necklace by René Lalique. Photo: Courtesy of Christie's

The top lot was an Art Nouveau enamel, diamond and pearl pendant necklace by René Lalique, fetching $978,480, more than seven times its $131,000 high estimate and setting a new world auction record for any piece of Art Nouveau jewelry as well as for a piece of jewelry by Lalique. In addition, an emerald, onyx and diamond pendant necklace made in 1925 by Georges Fouquet—sold for $495,528, well above its $131,000 estimate. These jewels are rarely listed among the top of the major jewelry sales but in recent years they have been highly sought after and consistently growing in value.