November 15, 2011

110 Carat diamond goes on sale - $15m price tag

A rare yellow pear-shaped diamond is expected to fetch between $11 million and 15 million at auction next week, and the buyer will have the chance to name it, Sotheby's said Wednesday.

The so-called Sun-Drop Diamond is described as fancy vivid yellow - the highest color grading - by gemstone experts. It is the largest known diamond of its kind, at 110.3 carats.

"It looks the weight," said David Bennett, the head of Sotheby's jewelry division. "At the same time it's a very bright stone," he added, as a model showed off the diamond to photographers before the Nov. 15 sale at Geneva's Beau-Rivage hotel.

The jewel is being sold by Cora International, which discovered the diamond in South Africa only last year - meaning it has no history of previous wearers.