Flawless 102-carat diamond a ‘bargain’ at $16m

A rare 102-carat white diamond has sold at auction for $15.7m (£12.1m) in what experts say is a “bargain”.

The gemstone went to an unnamed telephone bidder. The auction was held online by Sotheby’s in Hong Kong due to the pandemic.

The diamond was taken from a 271-carat stone which was discovered at a Canadian mine in 2018.

Only seven other diamonds larger than 100 carats and of the same quality have gone under the hammer.

The stone did not have a reserve price – a minimum price that the seller is willing to accept for an item.

It is the first time in history that a diamond has sold at auction this way.

Sotheby’s described the diamond as “flawless” and said it was “difficult to overstate its rarity and beauty”.

Tobias Kormind, managing director of online jeweller 77 Diamonds, said the buyer had “bagged a bargain”.

He said that

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