Not quite. The first public auction of jewels in the country did not dazzle with its results, but more are followingAt 42.02 carats, it is the world’s largest Forevermark yellow diamond, estimated between Rs 2.7 crore and Rs 3.2 crore — one best friend for a man or a woman. But when the unmounted gemstone came under the hammer at the recent Saffronart Fine Jewels auction, it failed to invite a bid that touched the reserve price. The fate was shared by 74 of 130 lots that went on sale, and the closing figure stood at Rs 6.3 crore, far from the estimated Rs 22-28 crore, but that did not deter the spirit of Minal Vazirani, co-founder of the online auction house. “Keeping the current global economic conditions in mind, we did well,” she said, still beaming at having organised what is arguably India’s first public auction of fine jewels and watches on October 7 and 8. With only international auction houses to look for guidance, Vazirani had formed an in-house team of experts that scouted precious jewels from the world over. Apart from the diamond, there were a natural pearl necklace with a seven-strand cascade that invited the highest bid of Rs 1 crore, a diamond necklace that sold for Rs 79.8 lakh and a diamond sarpech that went for Rs 49.8 lakh. “The auction comprised jewellery made over the past 100 years,” says Vazirani. Saffronart’s results might not have dazzled, but in his Bangalore office Maher Dadha, CMD of the auction house Bid & Hammer, is busy examining the provenance of vintage jewellery. It will be part of the auction that will take place in January 2009. Unlike Vazirani, Dadha will bring to the auction, jewellery that is a minimum of 50 years old and will tap sources that have remained outside the radar of international auctioneers that are bound by trade regulations that restrict the export of heritage jewellery from India. “There is a lot of demand in India and it will not be difficult to find buyers,” says Dadha.Mumbai-based Ma Passion, meanwhile, hopes to revive the craft of gemstone carving with its October 22 auction. Curated by Nisha Jamwal, this will comprise, among others, emerald Ganesha, Krishna and Radha in blue sapphire and crystal Buddha under the Bodhi tree carved by craftsmen from Rajasthan. Even as the country wakes up to hammer coming down on jewels, foreign shores will as usual be glitzy. At its Geneva auction next month, Sotheby’s will have enough Indian jewels, while later this month Christie’s will bring under the hammer, in Dubai, an early 20th century rose-cut diamond sarpech, estimated at $50,000-70,000, and two India-influenced Cartier jewels — a pendant estimated at $200,000-300,000 and a 1940s clip brooch priced at $13,000-18,000.
