The 118.28 carat diamond, graded Flawless D color by the GIA, was sold for $30.6 million dollars at an auction in Hong Kong on October 7, setting a new world record. Two phone bidders were locked in a 6 minute bidding war for the loose diamond which was mined more than two years ago in Africa.
The 118.28 carat loose diamond set both the record as fetching the highest price for any white diamond as well as the largest diamond ever to be sold at auction. Even though the D color Flawless diamond sold at the lower end of the auction house estimates that ranged between $28 and $35 million, the final bid of $30.6 million still broke the previous record held by Christie’s that stood at $26.7 million for a Flawless D color loose diamond. The world record price fetched for the white loose diamond marked the 40 years anniversary of Sotheby’s activity in Asia. Besides this, it is also the largest white oval shape diamond ever to be graded by the GIA as a Flawless D color diamond.
Oval diamonds have a bright brilliance similar to round cut diamonds. In fact, the faceting pattern and proportions are almost the same as that of round diamonds, except that this diamond shape is an elliptical variation. Loose oval diamonds are especially popular for diamond rings as the elongated shape of oval diamonds have the unique effect of making the fingers look more slender and longer.