Laurence Graff Buys 50-Ct. Diamond for Third Time, Pays $8.3 Million

50-ct. Graff diamond. Photo credit: CHRISTIE'S IMAGES LTD.

A 50-carat, rectangular-cut, D-color, potentially flawless diamond ring by Graff sold for $8.37 million at Christie’s New York Magnificent Jewels auction Tuesday. The buyer? Laurence Graff.

“This is the third time that I have owned this beautiful diamond and I am as thrilled today as I was the first time. Diamonds of this exceptional caliber have a life and legacy that carries on beyond us all,” Graff said in a statement after the sale. “This is one of the finest D-color diamonds in the world and I am delighted to have it back again.”

The diamond’s estimated sale price was $7-10 million. It sold for $167,400 per carat.

3.15-ct. reddish-orange diamond. Photo credit: CHRISTIE'S IMAGES LTD.

The final lot of the auction was a rare fancy reddish-orange diamond of 3.15 carats. The stone is the largest reddish orange diamond ever graded at the Gemological Institute of America. Exhibiting two of the rarest hues in the world of diamonds, the price soared beyond its low estimate of $700,000 to sell for nearly $2.1 million, setting a new world auction record for a reddish-orange diamond and a new per-carat record price of $666,200.

 Earlier in the sale, Christie’s realized a new per-carat record for a Kashmir sapphire at auction, with the sale of an 8.91 carat sapphire for $1.37 million, or $154,000 per carat (pictured left).

The day-long sale realized a total of $32.5 million, with sell-through rates of 84 percent by lot and 86 percent by value. This sale result, combined with results from Christie’s New York jewels auctions in April, June and October, brings the 2012 New York jewelry auction total to more than $163 million, the auction house estimated. The full 2012 total for the jewelry category will be announced in January 2013 as part of Christie’s annual corporate figures release.

10.5-ct. ring set with a rectangular-cut diamond flanked on either side by three baguette-cut diamonds mounted in platinum. Gemological Institute of America report states that the diamond is D color, VVS1 clarity. Estimate $800,000 - $1.2 million. Price realized, $938,500. Photo credit: CHRISTIE'S IMAGES LTD.

For the year in New York, Christie’s said it sold 29 jewels over the $1 million mark, of which four jewels sold for more than $7 million. In April, Christie’s sold a collection of 17 Art Deco period jewels from the estate of the reclusive American copper heiress Huguette M. Clark. The sale realized $20.8 million and saw a new U.S. auction record achieved for The Clark Pink, the most expensive pink diamond ever sold at auction in the United States.

Art Deco sapphire and diamond Bracelet by Paul Flato. Designed as an openwork rectangular-cut sapphire and diamond bricklink band, mounted in platinum, circa 1935. Estimate $120,000 - $180,000. Price realized, $338,500. Photo credit: CHRISTIE'S IMAGES LTD.

Diamond and onyx cuff bracelet by Verdura. The wide onyx cuff set at the top with an old mine and rose-cut diamond plaque, mounted in silver and gold. Estimate $35,000 - $55,000. Price realized, $47,500. Photo credit: CHRISTIE'S IMAGES LTD.

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Laurence Graff Receives Order of the British Empire

Laurence Graff, founder of the one world’s most successful jewelry brands, has received one of the highest honors awarded by the British Monarchy. He has been named to Queen Elizabeth II’s Birthday Honors List, receiving a “Most Excellent Order of the British Empire” for his “Services to Jewelry.”

The OBE recognizes distinguished service to the arts and sciences and public services outside the civil service and work with charitable and welfare organizations.

The 75-year-old chairman of Graff Diamonds began his career in jewelry at the age of 15 working as a jeweler’s apprentice in London’s Hatton Garden. Sixty years later the British-born billionaire leads a global luxury jewelry business with boutiques in UK and Europe, North America, Africa, Asia and the Middle East.

Also during this time, he has taken ownership of some of the world’s rarest and most precious diamonds and gemstones, including the Wittelsbach-Graff, the Idol’s Eye, the Imperial Blue, the Blue Ice, the Magnificence, the Graff Pink, the Delaire Sunrise, the Graff Constellation, the Flame and the Graff Sweethearts.

“From humble beginnings and a lifetime working in the industry, I am extremely proud to receive such an honor,” Graff said. “I was born to be amongst diamonds, they are my true passion and this passion translates into everything I do.”

A total of 1,180 people were named on the Birthday Honors list, released June 15. The British Honors System is made up of five awards of differing rank. In descending order, they are as follows:

* Knight Grand Cross or Dame Grand Cross of the Most Excellent Order of the British Empire (GBE)
* Knight Commander or Dame Commander of the Most Excellent Order of the British Empire (KBE or DBE)
* Commander of the Most Excellent Order of the British Empire (CBE)
* Officer of the Most Excellent Order of the British Empire (OBE)
* Member of the Most Excellent Order of the British Empire (MBE)

The highest two ranks entitle its recipient to become a knight or dame.

The awards are presented twice each year in June (Queen’s Birthday Honors) and on New Year’s Eve.

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