The 26ct diamond ring bought at a car-boot sale for £10 sold at Sotheby’s in London for £656,750.
When the news first broke about the diamond ring being mistaken for a piece of costumer jewellery, it was predicted that it would fetch £350K at auction, after L Guess Watchmark & Jewellers advised the owners of its true value.
After a frenzied bidding lasting two minutes, the piece finally went for £656,750 at the auction held today (June 7).
77 Diamonds managing director, Tobias Kormind, comments: “If ever there was a great return from investing in diamonds, this is it. The new owner is likely to re-cut it into a modern diamond that will emit even more sparkle and potentially be worth a multiple of today’s price.
“The fact this exceptional 26.27 carat diamond was discovered among relative junk in a car-boot sale, allowed it to be dramatically undervalued all these years. But context can change everything. When award-winning violinist Joshua Bell donned a baseball cap and went busking incognito in the New York subway in 2007, he was all but ignored. Little did passers-by know he was a world-class musician playing Bach on a $3.5m violin.
I’m convinced the £10 ring was once owned by royalty or a person of great wealth, because it originates from the 1800s – before the discovery of modern diamond mines and a time when very few diamonds were available.”