72.22 carat Diamond Fails to Sell at Auction

72.22 carat Diamond Fails to Sell at Auction

A few weeks ago we reported the 72.22 carat Diamond Auction at Sotheby’s Hong Kong.  The auction, which occurred on April 10th has apparently failed, with the diamond being withdrawn after the final bid failed to reach the reserve price.

The stone had been expected to attract a bid upwards of $13 million, but the highest bid came in at only $9.4 million prompting the withdrawal.  That didn’t detract interest though.  Within hours of the end of the auction, the diamond was sold privately for an undisclosed amount.

Experts suggest that confusion over exchange rates caused the lackluster appearance by potential international buyers at the auction.  However skeptics suggest that other factors such as a dwindling economy played more of a part.

More info: bloomberg.com

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