$10 million diamond on sale at rare Canadian auction
Published Wednesday, October 26, 2011 10:55AM EDT
Canada has never seen bling like this.
Some of the most valuable gems in the world will go up for auction at Toronto's Royal Ontario Museum on November 13. The dazzling sale, in which each item is expected to fetch record prices, is being organized by Ritchies Auctioneers. Pieces of such rarity, including a round-cut, 50 carat diamond, have never before been auctioned off in this country. Each item is expected to fetch record prices.
"The 50 carat diamond is the largest diamond we know to be for sale at an auction in Canada," the managing director of said Ritchies auctioneers, Kashif Khan, said on CTV's Canada AM Wednesday morning.
To put its size into perspective, Khan held the $10 million-dollar diamond beside a Rolex watch to demonstrate how the gem dwarfed the face of the luxury timepiece.
Other exclusive jewels up for auction include a 10-carat yellow diamond ring, a 78-carat yellow diamond necklace appraised at $600,000, a red ruby necklace valued at over $500,000 and a one-of-a-kind Piaget watch with an estimated value of $200,000.
Besides offering the well-heeled a chance to buy some spectacular accessories, the sale also marks the re-launch of Ritchies after it was forced into bankruptcy in 2009.
In anticipation of its return to Canada, Ritchies spent a year sourcing the gems with the aid of their offices in Dubai, Hong Kong and New York.
For example, the auction's headlining 50-carat diamond came from a wealthy European hotelier, Khan said, explaining that such acquisitions are relatively common in today's economic climate.
"Over in Europe things are pretty shaky," Khan said, referring to the debt crisis gripping the continent.
According to Khan, gems are a tangible asset that people can hold in their hands -- and that's what investors want more than ever.
Ritchies' pre-acution preview takes place on Wednesday, Oct. 26 at the Park Hyatt Toronto at 10 am. The event is open to all.
For more information on this auction go to http://www.ritchies.com/.