Australia’s largest diamond that is bigger than those in engagement rings given to Kim Kardashian and Meghan Markle is expected to fetch more than $1million at auction
- A huge diamond is expected to break an Australian record when it is auctioned
- The 25 carat diamond ring is worth an estimated $990,000-$1.2million
- The stone has been described as ‘one of a kind’ by jewels expert Hamish Sharma
- It’s bigger than a lot of celebrities’ engagement rings including Meghan Markle’s
Australia’s largest diamond ring, a 25.02-carat monster, is expected to sell for more than $1million at auction – shattering sales records.
The luxury sparkler is expected to break an Australian sales record when it sells at auction in Woollahra, Sydney, at 6pm on Tuesday.
So enormous is the jewel that it dwarfs engagement rings warn by Jennifer Lopez (15 carats), Kim Kardashian (15 carats) and Meghan Markle (six carats).
The ring is expected to break an Australian sales record when it goes to auction in Woollahra on Tuesday night
The diamond comes from Canada where it was ‘ethically mined’ and is worth about $990,000 to $1.2 million making it the most expensive to ever be offered in Australia.
The ring is decorated with a square cut stone on top of the ring, then a line of baguette diamonds running down the side, adding roughly 3.25 carats.
Auction house Leonard Joel’s head of important jewels, Hamish Sharma, claimed the diamond had all the features of a flawless stone.
‘[It is a] little bit of warmth but [is] not “warm”,’ he told the Sydney Morning Herald.
The ring has an estimated value of between $990,000 and $1.2million
Mr Sharma said when it comes to the rarity of the ring, ‘it’s one of a kind’, he told 9 News.
‘It’s like a holy grail… not quite – but where do you find another?’ he said.
‘When you look into it, it sort of mesmerizes.’
‘If you’re judging it from a point of view of beauty, it’s unparalleled. If you’re looking for rarity it’s the only one of its kind in the world,’ Mr Sharma told The Sydney Morning Herald.
Hamish Sharma has described the ring as ‘one of a kind’
The diamond is understood to have been cut from a 47.961 carat rough in the Canadian tundra.
The owner of the ring is an Australian ex-pat who bought the diamond only a few months ago and is looking to make a profit from the investment.
Many interested investors are young and middle-aged people of high wealth, and some older, wealthier Australians have also noted their interest.
According to a 2020 Australian wedding industry report, the average price spent on engagement rings is $5,367, despite an old tradition where men would spend three months’ salary on an engagement ring.