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Monday, November 14, 2011

50ct DIAMOND sells for $2.7million - about 1/3 its appraised value!

Perhaps you've already heard about this auction. It was held by RITCHIES in Canada on November 13th. RITCHIES is another of those BIG auction houses a little "smaller" than Christies or Sothebys, closer to one of our Canadian favourites,  DUPUIS.

Apparently RITCHIES went bankrupt in 2009 but the name was purchased by a new owner earlier this year, and yesterday's auction at the Royal Ontario Museum was quite the comeback. That 50ct diamond, about the size of a quarter, has an estimated value of $10 million and was expected to fetch around $4 million. Well it only (!) got $2.7million (hope the consigner is happy LOL) but even so, it was still a record sale for a Canadian auction house. You can read all about this auction HERE and if you have time, slip over to Ritchie's site and you can tease yourself looking at all the gorgeous jewelry that was up for grabs yesterday.

Seeing how much these diamonds are worth made me think about the many superb diamond rings we carry at DIVINE FINDS JEWELRY. Now of course, the larger a single diamond, as in the case above, the greater its value ie. big is better! While we have several rings with many diamonds, we have very few with a single large diamond. Why? Because they're so darn expensive to buy, especially if you're looking at quality as well as size. And we do believe in quality ie. a huge 2-carat diamond might knock your socks off but if it's included with black carbon deposits or is milky (cloudy) its value is greatly diminished. No, what you have to go for, if you can afford it and want a massive diamond is one with high clarity and color gradings ... and those don't come cheap!

But diamonds are forever and do retain their value regardless of size. And with Christmas coming, thoughts turn to engagement rings. To buy a near one-carat solitaire brand-new, if it's of top quality, is expensive. But we do have a fabulous princess-cut solitaire in our DIVINE FINDS SHOP at RUBY PLAZA that's worth considering. It's the one shown below:

0.91ct princess-cut diamond solitaire set in 18k white gold
available from DIVINE FINDS at RUBY PLAZA

The GIA-certified diamond in its 18k white gold setting is a 0.91ct. stone of VS2 clarity and H color. How good is that? It's better than good: it's superb! And just like the big diamond on which this post is based, it's valued at 3 times over our asking price. Just a magnificent ring any woman would love to show off.

Before I sign off on this blog, I have to share this with you too. At that same Ritchies auction, LOT 140 (which you can see by clicking that link) is for an emerald-cut ruby and diamond ring which was expected to fetch $4000 - $6000. The ruby is 1.58cts and is flanked by 0.92cts of diamonds, all set in 18k. Well, in our DIVINE FINDS SHOP at RUBY PLAZA, we have almost the same ring, but ours is a SET and it's fashioned from platinum, not white gold. It's shown below. The appraisal on our set is over $13, 5000, but we're asking just under $4000 ... and that's for 2 rings! And there's no "buyer's premium" when you purchase from DIVINE FINDS JEWELRY in either shop!

1.48 ruby flanked by 0.84cts diamond engagement ring + matching wedding band
appraised over $13,500 is being offered for less than 1/3 that price at

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