World's largest yellow diamond sold for N1.7b

World's largest yellow diamond sold for N1.7b

The world's largest known yellow diamond has been sold at auction for N1.7 billion naira (about 6.8million pounds)

Auction house, Sotheby's, had estimated that the pear-shaped Sun-Drop Diamond would fetch between 11-15 million dollars (£7-9 million) at auction in Geneva.

Buyer

It was bought by a telephone bidder who wished to remain anonymous.

The diamond was sold by New York-based Company, Cora International, which discovered the jewel in South Africa last year.

Gemologists rate the 110.3 carats diamond as fancy vivid yellow - the highest possible colour grading.

The colour

The colour in yellow diamonds is caused by nitrogen impurities trapped within carbon molecules and hardened over the course of millions of years.

The sales price does not include the auctioneer's commission and any taxes the buyer might have to pay.

Sotheby's auctioneer, David Bennett, said: "It sold for a record for a yellow diamond ... It was exactly within our expectation for this spectacular stone."

NP/Adekusibe/Ekata