The Nation - News from April 20, 1988

The biggest and most valuable diamond ever to go on the block was sold to an anonymous bidder at Sotheby’s in New York for a record $9.13 million. The buyer bid by telephone for the 85.91-carat pear-shaped diamond, said Diana Levitt, director of corporate affairs for Sotheby’s. The sale was part of a jewelry auction that brought in $36 million. Bidding for the diamond took two minutes and opened at $6 million. The gem itself went for $8.3 million; the remainder of the price is the buyer’s premium. The diamond has been graded D color, meaning it is of the highest possible rating, perfectly cut and flawless. The diamond was described by a leading connoisseur of gems as a “drop of frozen light.”