A Cut Above

A 34-carat diamond from the mines of Golconda,Andhra Pradesh,once owned by the worlds richest man,the last Nizam of Hyderabad,sold for a record US $ 39 million at a Christies auction in New York on Tuesday.

A 34-carat diamond from the mines of Golconda,Andhra Pradesh,once owned by the worlds richest man,the last Nizam of Hyderabad,sold for a record US $ 39 million (approximately Rs 200 crore) at a Christies auction in New York on Tuesday. The Princie diamond,a 34.65-carat intense pink cushion-cut sparkler,was purchased by an anonymous collector who made the bid over the phone.

Besides Christies sale of the legendary collection of Elizabeth Taylor,this was the most successful jewellery auction ever held in the United States and Christies was proud to have orchestrated the sale of such a historic gemstone, said Rahul Kadakia,head of jewellery,Christies Americas and Switzerland. The sale price represents a new record for any jewel sold at Christies,surpassing the previous house record of the Wittelsbach Diamond.

The diamond was first offered at an auction in 1960 as the property of a gentleman. His identity was later revealed it was the Nizam of Hyderabad himself,Sir Mir Osman Ali Khan. He was proclaimed as the richest man in the world by Time magazine in 1937.

The diamond was purchased by the London branch of Van Cleef & Arpels for a mere 46,000 pounds. The diamond was named Princie at a party at the firms Paris store,in honour of the 14-year-old prince of Baroda,who attended the party with his mother Maharani Sita Devi.

It possesses all of the most desirable qualities collectors seek in diamonds: large size,desirable shape and polish,exceptional colour and quality,and a noble history. The day-long auction also featured over 300 jewels,including coloured and colourless diamonds,rare gemstones,natural pearls and a selection of signed vintage creations from the best houses.

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