Loading articles...

50-carat diamond sells for $3.1M in Toronto

A 50-carat diamond sold for $3.1 million in Toronto, setting a new record in Canadian auction history.

The diamond, which had an estimated value of  $10 million, was auctioned off by Ritchies auctioneers at the Royal Ontario Museum on Sunday afternoon.

It was the highest bid to be made for an individual piece of jewelry in Canada, Kashif Khan, managing director of Ritchies Auctioneers, told CityNews.ca.

“I got a sense that people were very shocked by how low it went for,” said Khan.

Khan said the diamond was auctioned off because the owner needed quick money, due to the affects of the European market crash.

 “It’s not easy to sell a diamond like that in the retail market,” he said.

“But he got his money quick, which was important to him.”

The mysterious international diamond owner told Khan that he wanted his identity to remain confidential.

Khan said, “The world market is going to take Canadian auctioning more seriously.”.adding  there’s no need to travel to New York, London or Honk Kong.

“There is a local opportunity now and we have proven that,” he said.