$13 Diamond Ring Sells for $874K at Auction in London

A diamond ring which the anonymous seller bought in the 1980s for $13, sold at the Sotheby’s Fine Jewels auction in London last night for $874,667. This is double than its initial estimated value of $325,000 to $456,000. The person bought the 26-carat ring in the 1980s at a car boot sale and thought that it was simply a piece of costume jewelry. Decades later, the person took the jewel at a local jeweler to have it appraised. That was the moment when the wearer realized the enormous value of the cushion-shaped diamond ring. The jeweler said that it was set in a 19th century mount.

The lost treasure

Back in May, Sotheby’s revealed the estimated value of the diamond-ring to be of about $325,000 to $456,000. It was already a huge difference, considering the price the owner had bought it for. Jessica Wyndham, head of Sotheby’s jewelry department said that it’s interesting that the ring has such a big value. This is mainly because a modern-day buyer simply cannot recognize the mount and the cut of it. The rings we see nowadays are sparkly and its cut is modern. This ring had an old-fashioned cut and its mount had become darker over time.

Still, the ring didn’t look like much indeed. It had a bit of dirt, the mount was dark and the diamond didn’t sparkle. However, the reason for this was that those old-fashioned rings were made to reflect candlelight, not the modern, white, artificial light we now have. It’s worth noting that Sotheby’s didn’t reveal the identity of the buyer. However, it did say that the jewel was bought as international trade within the industry. So, the buyer was not a private collector.

Its mysterious origin

According to Tobias Kormind, diamond expert and managing director of 77 Diamonds, the new owner will most likely reshape the diamond and make it resemble the modern-day ones. Because of this, one day, the ring might be worth even more than today’s price. As for its origin, he said that probably a wealthy person or even royalty once owned it. It dates back from the 1800s, a time before the discovery of modern diamond mines. So, only a select few had the chance to wear such jewels.

Image source: pixabay

 

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