TORONTO, Jan. 18, 2018 /CNW/ - Earlier this month, Bonhams auctioned two lots of fancy vivid yellow diamonds from the Cullinan family. The prices for both lots exceeded their pre-auction estimates, with Paragon International Wealth Management noting the results of the auction reaffirm continued investment interest in fancy colored diamonds.
The yellow diamonds came with a fascinating backstory: In 1940, R.V. Cullinan, son of Sir Thomas Cullinan, a diamond magnate and owner of the Cullinan Mine in South Africa, asked his friend, Pierre De Villiers, a director at De Beers, to purchase for him some diamonds on his next trip to Kimberly, in the Northern Cape Province of South Africa. On a train ride back from the De Beers mine in Kimberly, De Villiers was asked by Sir Ernest Oppenheimer, founder of the Anglo American Corporation of South Africa, what he had gotten from the mine. De Villiers showed Oppenheimer what he had, and the latter showed De Villiers a set of yellow diamonds he had obtained. De Villiers bought the yellow diamonds, kept half for himself, and gave the other half to Cullinan.
The first lot from the Cullinan collection was a brooch that contained three step-cut fancy vivid yellow diamonds, which weighed 5.29, 3.11, and 2.37 carats. The pre-auction estimate for the brooch was 200,000 to 300,000 GBP, and an anonymous buyer won the brooch with a bid of 452,750 GBP.
The second lot from the collection was a pair of round fancy vivid yellow diamonds, which weighed 2.08 and 1.93 carats. The pre-auction estimate by Bonhams was 50,000 to 80,000 GBP, with the diamonds fetching 125,000 GBP.
Paragon International Wealth Management notes that high demand for the fancy vivid yellow diamonds, and the fact that the winning bids exceeded the pre-auction estimates, provided further evidence that the fancy colored diamond market is poised for continued growth.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT
Paragon International Wealth Management, based in Toronto, Canada, is an expert in the acquisition and management of fancy colored diamonds. The firm has a strong commitment to offering its clients expert guidance in assembling a successful hard asset portfolio.
SOURCE Paragon International Wealth Management Inc.
For further information: Operations Manager: John Moore, [email protected], www.paragoniwm.com