The big news in the diamond market last week was that global auction house Sotheby’s failed to hammer off a 72.22-carat, “D” flawless white diamond at its Hong Kong sale. The large diamond which had a pre-sale estimate of $10-12 million, but attracted a final bid of only $9.24 million, according to Sotheby’s press officer Rhonda Yung.
It’s a crying shame Sotheby’s couldn’t persuade a buyer to bid more than $9.24 million for the pretty sparkler. Perhaps the benighted bidder, having failed to meet the undisclosed reserve price, might care to spend that sum on something worthwhile, like the well-being of the people who were exploited to find such baubles. I don’t know if the rock came from one of the diamond mines in the Democratic Republic of Congo, but the per capita annual income is less than $1 per day in that troubled nation, which means the disappointed buyer’s tidy $9 mil would support more than 30,000 people for a year.