Super rare purplish-red diamond sets world record at Christie’s auction in Geneva, bought by Dubai-based Indian expat

by Nov 12, 2020Just Out0 comments

On Wednesday, Christie’s made jewellery auction history. A rare rectangular-cut fancy purplish-red diamond ring of 1.05 carats, sold for $2.77 million – establishing a house and worldwide record of price per carat for a diamond of that color.

The 1.05-carat fancy purplish-red diamond with VS2 clarity was bought by Tiara Gems and Jewellery DMCC owned by Dubai-based Indian expat Ashish Vijay Jain. The stone is mounted on a platinum and gold ring flanked by two heart-shaped diamonds.

According to Ashish Vijay Jain, the diamond will go on display in his family’s jewellery store, which is currently under construction in the Gate Avenue mall at the Dubai International Financial Centre (DIFC).

“The jewellery industry is growing rapidly, becoming more competitive and must be sensitive to consumer sentiment. Amidst the COVID-19 pandemic, there will always be interest for rare stones, which are an investment opportunity. Natural colored purplish-red diamonds are the rarest of the gems,” he said.

“Despite the challenging environment and the first auction at the Four Seasons Hotel de Bergues without clients present in the room, Christie’s saw strong bidding from all over the world, both online and on the telephone. With a sale through rate of 89%, it shows the market is robust and there is very competitive demand for exceptional jewels and colored stones. We look forward to our successful sales in Paris, London, Hong Kong and, finally, New York to conclude the season,” Max Fawcett, Head of Department at Christie’s said.

Christie’s Magnificent Jewels auction at the Four Season Hotel des Bergues in Geneva featured a curated selection of historic and modern jewellery from all periods as well as the most famous jewellery houses such as Boivin, Boucheron, Cartier, JAR, Van Cleef & Arpels and many more.

In light of the COVID-19 pandemic, all live auctions are available for remote bidding only. Clients can watch the sales, and bid online in real time from their home through Christie’s LIVE™, or alternatively, by telephone or through absentee bid.

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About Tiara Gems and Jewellery DMCC

Tiara Gems and Jewellery DMCC is a Dubai-based company incorporated in the year 2013. The company is owned solely by Mr. Ashish Vijay Jain. The company is touted to be one of the prominent jewellers in the market.

Tiara deals in high quality gems and jewels, and has a unique collection from across the world like Diamonds, Rubies, Emeralds, Sapphires, Star Ruby, Cat’s Eyes, etc. Their clients include eminent personalities such as Presidents, Prime Ministers, and diplomats across the globe in Japan, Russia, China, US, Malayasia, Korea, among other countries.

Tiara Gems and Jewelery’s high-quality artwork, unique collection of gems and jewels, and focus on superior customer service and satisfaction pushes the company to grow day by day. The company is a good mix of traditional values with a modern edge and is ready to bring to the new world its legacy of experience and values that are embedded in it. It deals in trading of raw material as well as in the finished products of jewellery.

The company’s lines of raw products are of various precious stones such as diamonds, rubies, emeralds, star ruby, cat’s eyes, blue sapphires, etc. Tiara’s specialization in jewellery is of various precious and semi precious stones, stetted rings, pendants, earrings, bracelets, etc. of modern, traditional and contemporary design. The company would like to emphasize that its focus now is on expanding its overseas market mainly in area of jewellery and precious stones. It wants to tap new markets and penetrate deeper into the existing markets by opening up flagship stores in countries like China, Russia, Sri Lanka, Thailand and Ukraine.

About Christie’s

Christie’s offers around 350 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery, photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie’s also has a long and successful history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern, Old Masters and Jewellery.

Christie’s has a global presence in 46 countries, with 10 salerooms around the world including in London, New York, Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, and Shanghai. More recently, Christie’s has led the market with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and exhibitions in Beijing, Mumbai and Dubai.

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