HONG KONG.- Continuing in its pioneering tradition of offering the world’s most perfect white diamonds of truly exceptional size, Sotheby’s announced that it will offer a Magnificent Oval Diamond of Supreme Importance in its Hong Kong auction of Magnificent Jewels and Jadeite on 7 October 2013.

The remarkable 118.28 carat, D color, Flawless, Type IIa stone of Excellent Polish and Excellent Symmetry is the largest D color Flawless diamond ever to appear at auction, as well as the largest oval shaped, D color Flawless or Internally Flawless diamond ever graded by the Gemological Institute of America (GIA). Only four other white diamonds of this quality over 100 carats have ever been sold at auction, of which Sotheby’s has sold three – the present stone is nearly 20% larger than the first and previously largest ever offered, the 101.84 carat ‘Mouawad Splendour’, sold at Sotheby’s in 1990. Each of those four stones was offered in Geneva salesrooms, making the Magnificent Oval Diamond the first D color diamond of this size ever to appear at auction in Asia, a testimony to the importance of Hong Kong as an international jewelry auction center.

Discovered in 2011 from the deep mines in Southern Africa, the 299 carat rough of the Magnificent Oval Diamond is one of the largest and most beautiful diamond roughs found in recent years. Carefully and meticulously worked over a period of months, the resulting stone is estimated to achieve US$28/35 million / HK$220/280 million at auction in October – in excess of the current highest price ever paid for any white diamond at auction.

QUEK Chin Yeow, Chairman, Asia, Sotheby’s International Jewellery Division, said: “Following our announcement of The Premium Blue, the world’s largest round Fancy Vivid blue diamond, Sotheby’s Hong Kong is extremely honoured to offer in our upcoming Magnificent Jewels and Jadeite sale a spectacular oval diamond of supreme importance, which is the largest D-Flawless diamond ever to appear at auction. Apart from its stunning size of 118.28 carats, the stone is also absolutely faultless and unbelievably beautiful. It therefore is a fitting offering in celebration of Sotheby’s 40th anniversary in Asia.”

David Bennett, Chairman, Europe & the Middle East, Sotheby’s International Jewellery Division, commented: “Sotheby’s experience with diamonds of this size and quality is unparalleled. Over the course of the last 25 years, I have had the privilege of selling three perfect D colour stones weighing over 100 carats, each with its own distinct personality and presence. The present oval diamond is no exception – not only is it the largest and grandest by a significant margin, it also is the most regal and proud of this elite group.”