Connect with us

This ‘Fake’ Diamond Only Cost $13 … But It’s Worth $448,000!

mm

Published

on

Thirty years ago, a woman from west London scooped up a showy ring for £10 ($13) at a car boot sale.

Convinced that it was costume jewelry due to its low price, oversized center stone and filthy mounting, the woman cleaned it up and made it part of her day-to-day fashion wardrobe. (For Brits, a car boot sale is akin to a flea market.)INSTORE carbootsale

Now, decades later, Sotheby’s London will be putting the ring on the auction block on June 7 for a staggering pre-sale high estimate of $448,000. You see, the bauble turned out to be a 26.27-carat, antique cushion-shaped diamond that dates back to the 19th century.

“The owner would wear it out shopping, wear it day-to-day. It’s a good looking ring,” Jessica Wyndham, head of Sotheby’s London jewelry department, told the BBC. “But it was bought as a costume jewel. No one had any idea it had any intrinsic value at all. [She] enjoyed it all this time.”

Only recently, a local jeweler told the owner that the ring could be very valuable. The owner, who did not want to be identified, took the ring to Sotheby’s, which confirmed the authenticity of the diamond with a report from the Gemological Institute of America. The diamond earned an impressive clarity grade of VVS2 and an “I” color rating.

Sotheby’s believes the ring will sell in the range of $320,000 to $448,000.

Advertisement

The owner had been convinced that her stone was a fake because it didn’t sparkle like a modern diamond.

“With an old style of cutting … the light doesn’t reflect back as much as it would from a modern stone cutting,” Wyndham said. “Cutters worked more with the natural shape of the crystal, to conserve as much weight rather than make it as brilliant as possible.”

Wyndham said the sale of the ring would be life-changing for the owner. She called the ring a “one-off windfall, an amazing find.”

HOWARD COHEN is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, hscohen60@gmail.com. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.


This article is an online extra for INSTORE Online.

Advertisement

SPONSORED VIDEO

After 139 Years, A Family Legacy Finds Its Perfect Exit With Wilkerson.

When third-generation jeweler Sam Sipe and his wife Laura decided to close Indianapolis’ historic J.C. Sipe Jewelers, they turned to Wilkerson to handle their retirement sale. “The conditions were right,” Sam explains of their decision to close the 139-year-old business. Wilkerson managed the entire going-out-of-business sale process, from marketing strategy to sales floor operations. “Our goal was to convert our paid inventory into retirement funds,” notes Sam. “The results exceeded expectations.” The Sipes’ advice for jewelers considering retirement? “Contact Wilkerson,” Laura says. “They’ll help you transition into retirement with confidence and financial security.”

Promoted Headlines

Most Popular

Fun

This ‘Fake’ Diamond Only Cost $13 … But It’s Worth $448,000!

mm

Published

on

Thirty years ago, a woman from west London scooped up a showy ring for £10 ($13) at a car boot sale.

Convinced that it was costume jewelry due to its low price, oversized center stone and filthy mounting, the woman cleaned it up and made it part of her day-to-day fashion wardrobe. (For Brits, a car boot sale is akin to a flea market.)INSTORE carbootsale

Now, decades later, Sotheby’s London will be putting the ring on the auction block on June 7 for a staggering pre-sale high estimate of $448,000. You see, the bauble turned out to be a 26.27-carat, antique cushion-shaped diamond that dates back to the 19th century.

“The owner would wear it out shopping, wear it day-to-day. It’s a good looking ring,” Jessica Wyndham, head of Sotheby’s London jewelry department, told the BBC. “But it was bought as a costume jewel. No one had any idea it had any intrinsic value at all. [She] enjoyed it all this time.”

Only recently, a local jeweler told the owner that the ring could be very valuable. The owner, who did not want to be identified, took the ring to Sotheby’s, which confirmed the authenticity of the diamond with a report from the Gemological Institute of America. The diamond earned an impressive clarity grade of VVS2 and an “I” color rating.

Sotheby’s believes the ring will sell in the range of $320,000 to $448,000.

Advertisement

The owner had been convinced that her stone was a fake because it didn’t sparkle like a modern diamond.

“With an old style of cutting … the light doesn’t reflect back as much as it would from a modern stone cutting,” Wyndham said. “Cutters worked more with the natural shape of the crystal, to conserve as much weight rather than make it as brilliant as possible.”

Wyndham said the sale of the ring would be life-changing for the owner. She called the ring a “one-off windfall, an amazing find.”

HOWARD COHEN is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, hscohen60@gmail.com. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.


This article is an online extra for INSTORE Online.

Advertisement

SPONSORED VIDEO

After 139 Years, A Family Legacy Finds Its Perfect Exit With Wilkerson.

When third-generation jeweler Sam Sipe and his wife Laura decided to close Indianapolis’ historic J.C. Sipe Jewelers, they turned to Wilkerson to handle their retirement sale. “The conditions were right,” Sam explains of their decision to close the 139-year-old business. Wilkerson managed the entire going-out-of-business sale process, from marketing strategy to sales floor operations. “Our goal was to convert our paid inventory into retirement funds,” notes Sam. “The results exceeded expectations.” The Sipes’ advice for jewelers considering retirement? “Contact Wilkerson,” Laura says. “They’ll help you transition into retirement with confidence and financial security.”

Promoted Headlines

Advertisement

Advertisement

Subscribe


BULLETINS

INSTORE helps you become a better jeweler
with the biggest daily news headlines and useful tips.
(Mailed 5x per week.)

Latest Comments

Most Popular