Red Diamond Breaks Records at Phillips Geneva
The “Argyle Phoenix” sold for more than $4 million at the auction house’s second jewels sale.
![A fancy red diamond, the “Argyle Phoenix,” set a world auction record this week, selling at Phillips Geneva for $4.2 million, well above its high estimate of $1.5 million. The Argyle Phoenix red diamond](https://uploads.nationaljeweler.com/uploads/e2e2d97e88207ddd10b66cf1fb91860d.jpg)
The “Argyle Phoenix” sold to Laurence Graff, founder of Graff Diamonds, for more than double its estimate, going for CHF 3.8 million ($4.2 million, or $2.7 million per carat).
Phillips said the stone set two auction records for a fancy red diamond, one for price and one for price per carat.
![The “Argyle Phoenix” set two records at Phillips Geneva this week. The Argyle Phoenix red diamond](https://nationaljeweler.com/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBcXhXIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--5ce40403598d6fc507a8152bfd50d754d3043dba/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdERG9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RkhKbGMybDZaVjkwYjE5c2FXMXBkRnNIYVFJQUJHa0NBQU02RkhOaGJYQnNhVzVuWDJaaFkzUnZja2tpQ2pRNk1qb3dCanNHVkRvS2MzUnlhWEJVT2c1cGJuUmxjbXhoWTJWSklnbEtVRVZIQmpzR1ZEb1BZMjlzYjNKemNHRmpaVWtpQ1hOU1IwSUdPd1pVT2d4eGRXRnNhWFI1YVZBPSIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--ea15daad36a7f7266e7d591867d534d851352260/20240515_Red%20diamond.jpg)
The 1.56-carat stone, sourced from the now-closed Argyle mine in Australia, is the largest known round brilliant fancy red diamond, according to Phillips’ Worldwide Head of Jewelry Benoît Repellin.
The auction’s expected top lot was a 6.21-carat fancy vivid pink diamond set in a ring.
The Type IIa diamond garnered CHF 10.8 million ($11.9 million or $1.9 million per carat), selling within its estimate of CHF 9.5 million to 13.6 million ($10.5 million to $15 million).
![This 6.21-carat Type IIa fancy vivid pink diamond with VS1 clarity sold within its estimate of CHF 9.5 million to 13.6 million ($10.5 million to $15 million). 6 carat pink diamond](https://nationaljeweler.com/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBcTFXIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--8c1b126c6f7d255f8271e9250553695efcf008c4/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdERG9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RkhKbGMybDZaVjkwYjE5c2FXMXBkRnNIYVFJQUJHa0NBQU02RkhOaGJYQnNhVzVuWDJaaFkzUnZja2tpQ2pRNk1qb3dCanNHVkRvS2MzUnlhWEJVT2c1cGJuUmxjbXhoWTJWSklnbEtVRVZIQmpzR1ZEb1BZMjlzYjNKemNHRmpaVWtpQ1hOU1IwSUdPd1pVT2d4eGRXRnNhWFI1YVZBPSIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--ea15daad36a7f7266e7d591867d534d851352260/20240515_Pink%20diamond.jpg)
Colored gemstones were a highlight of the May 13 sale, “The Geneva Jewels Auction: Two,” which garnered CHF 23.6 million ($26 million) in total.
With 97 lots sold of the 131 lots offered, the auction was sold 74 percent by lot and 86 percent by value.
“We are thrilled with the result of CHF 23.6 million achieved today, building on the success of Phillips' first Jewels sale in Geneva last November,” Repellin said.
“The Geneva Jewels Auction: Two showcased outstanding pieces, notably the exceptional fancy vivid pink diamond ring, fetching CHF 10.8 million, making it the star lot of the season across Geneva auction houses.”
Another standout of the sale was the “The Amazon Queen,” a 280.84-carat emerald, which Repellin said sparked a 30-minute bidding war.
It sold for CHF 2.8 million ($3 million), exceeding the high-end of its CHF 2.4 million ($2.6 million) estimate.
![“The Amazon Queen,” with minor oil, is one of the largest gem-quality emeralds to appear at auction, Phillips said. The Amazon Queen](https://nationaljeweler.com/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBcTVXIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--c804ab17625867705badb4c12fd60fede1d54152/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdERG9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RkhKbGMybDZaVjkwYjE5c2FXMXBkRnNIYVFJQUJHa0NBQU02RkhOaGJYQnNhVzVuWDJaaFkzUnZja2tpQ2pRNk1qb3dCanNHVkRvS2MzUnlhWEJVT2c1cGJuUmxjbXhoWTJWSklnbEtVRVZIQmpzR1ZEb1BZMjlzYjNKemNHRmpaVWtpQ1hOU1IwSUdPd1pVT2d4eGRXRnNhWFI1YVZBPSIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--ea15daad36a7f7266e7d591867d534d851352260/20240515_The%20Amazon%20Queen.jpg)
Other colored diamond pieces also sold above their estimates.
A fancy intense yellow and fancy yellow diamond necklace from Harry Winston estimated to go for up to CHF 460,000 ($508,527), sold for CHF 762,000 ($840,410).
A 2-carat fancy intense green diamond also sold above its estimate, fetching CHF 368,300 ($406,198), or $180,000 per carat.
As for other colored gemstones, a ring featuring a nearly 15-carat no-heat sapphire from Burma went for CHF 304,800 ($336,164), more than double the high-end of its estimate.
![This 14.96-carat sapphire and diamond ring sold for well over its high estimate of CHF 140,000. 14.96-carat blue sapphire and diamond ring](https://nationaljeweler.com/rails/active_storage/representations/redirect/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBckZXIiwiZXhwIjpudWxsLCJwdXIiOiJibG9iX2lkIn19--ff6a10fc8408c4d13b7b33298041b6fadb2be2a6/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaDdERG9MWm05eWJXRjBTU0lJYW5CbkJqb0dSVlE2RkhKbGMybDZaVjkwYjE5c2FXMXBkRnNIYVFJQUJHa0NBQU02RkhOaGJYQnNhVzVuWDJaaFkzUnZja2tpQ2pRNk1qb3dCanNHVkRvS2MzUnlhWEJVT2c1cGJuUmxjbXhoWTJWSklnbEtVRVZIQmpzR1ZEb1BZMjlzYjNKemNHRmpaVWtpQ1hOU1IwSUdPd1pVT2d4eGRXRnNhWFI1YVZBPSIsImV4cCI6bnVsbCwicHVyIjoidmFyaWF0aW9uIn19--ea15daad36a7f7266e7d591867d534d851352260/20240515_5-oval%20sapphire%20ring.jpg)
A ruby and diamond necklace went for CHF 406,400 ($448,219), within its estimate, while a ring featuring an 18.01-carat step-cut sapphire sold for CHF 196,850 ($217,106), more than triple its high-end estimate of CHF 55,000 ($60,877).
Also, a pair of earrings, one featuring a 15.04-carat no-heat Burma sapphire and the other a 13.03 no-heat Ceylon sapphire, sold above its estimate, going for CHF 266,700 ($294,143).
Jewels from Cartier, Van Cleef & Arpels, and Harry Winston, also did well at the sale.
“We are truly proud of today's achievements and extremely grateful to all the collectors who continue to put their trust in us and to the dedicated bidders who participated— particularly those who journeyed to join us at our new venue in the Hotel President,” said Repellin.
“We eagerly await our next Jewels auction in New York on June 12, where we are excited to carry this momentum forward.”
The Latest
![Direct-to-consumer retail brand Diamonds Direct has opened a store in the Atlanta neighborhood of Buckhead, an area known for its upscale malls. Diamonds Direct Atlanta store](https://uploads.nationaljeweler.com/uploads/2e6577afc9470ba1c1de327fad397366.jpg)
It’s the Signet-owned banner’s first location in Georgia.
![These “Double Loop” earrings feature a drop-cut amethyst sitting atop the lower hoop, totaling 1.60 carats between both earrings. The hoops are made of silver covered in “pistacchio” colored enamel, while 9-karat yellow gold holds the stones in place and connect the two hoops behind the earlobe ($1,770). Bea Bongiasca’s Double Loop Earrings](https://uploads.nationaljeweler.com/uploads/f338ef6b4603be3c97765f833b831ca0.jpg)
Commemorate “brat summer” with these green hoops.
![The skyline of downtown Providence, Rhode Island. Jewelers of America held one of its Multifacted Learning Workshops there on July 17 and National Jeweler Editor-in-Chief Michelle Graff tagged along. Stock image of Providence, Rhode Island, skyline](https://uploads.nationaljeweler.com/uploads/4ec5b02d4cbaaaa2283bdcf6820950a4.jpg)
Editor-in-Chief Michelle Graff returns from Rhode Island with thoughts about in-store shopping and a trends report.
![Untitled design.jpg](https://uploads.nationaljeweler.com/uploads/583fbcb2bb839782810080debef35d3c.jpg)
As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.
Sponsored by Gemological Institute of America
![](https://uploads.nationaljeweler.com/uploads/99a46b30cc354962ac2e29ecd113587a.jpg)
![Earlier this month, online giant Amazon and the Better Business Bureau filed a joint federal lawsuit against ReviewServiceUSA.com for allegedly selling fake reviews, both positive and negative. Amazon package outside door](https://uploads.nationaljeweler.com/uploads/27fce4225a38900d54a5536ce523a22d.jpg)
They claim ReviewServiceUSA.com was selling both positive and negative reviews of products and businesses.
![A shot of the Venetia diamond mine in South Africa, owned by De Beers Group. The diamond miner and marketer saw revenue drop 21 percent and rough diamond sales decline 20 percent in a “weak” market for diamonds. De Beers’ Venetia diamond mine](https://uploads.nationaljeweler.com/uploads/a1f16ceaaba662e80385166060d192a7.jpg)
Lab-grown diamond sales in the United States and ongoing economic challenges in China are impacting natural diamond demand.
![1872 x 1052 Gemolite.jpg](https://uploads.nationaljeweler.com/uploads/9d60901b44425a53b9010301897a3bbc.jpg)
GIA®’s most advanced microscope has new features to optimize greater precision and comfort.
A longtime member of IJO, she’s remembered for her passion for design, learning, and environmentalism.
![A malachite and diamond bracelet from Pomellato’s “Pom Pom Dot” collection, launched earlier this year. Pomellato and Boucheron were bright spots for Kering in an otherwise underwhelming first half of the year. Pomellato Malachite Pom Pom Dot bracelet](https://uploads.nationaljeweler.com/uploads/3c237b62e009742fc52487097daf3c5a.jpg)
The gains come amid a tough time for parent company Kering, which saw sales slide 11 percent in the first half of the year.
![Volunteers and Shane Co.’s corporate team from all 22 locations of the family-owned jewelry chain have begun packing backpacks with school supplies for teachers to distribute to their students this school year. Shane Co. and the Kids in Need foundation logo](https://uploads.nationaljeweler.com/uploads/1c5abfb36ec775724f014f47bfbb47fc.jpg)
The fine jewelry retailer filled backpacks with back-to-school essentials for students in 13 states.
![A shot from the advertising campaign for LVMH-owned Bulgari’s “Eden the Garden of Wonders” high jewelry collection. LVMH’s jewelry and watch sales slipped in the first half of the fiscal year. Bulgari high jewelry campaign](https://uploads.nationaljeweler.com/uploads/c24eb75ca8cea44d2e9859648f4a98ee.jpg)
Tiffany & Co. is focusing on its “iconic” collections while the company has made changes at the top at TAG Heuer and Hublot.
![Chaumet, a Parisian jeweler owned by LVMH, has designed the Olympic and Paralympic Games medals. Chaumet Paris 2024 Olympics medals](https://uploads.nationaljeweler.com/uploads/7831b3a738baddfc7d783e6df0fbf796.jpg)
The Parisian brand is the first jewelry company in the history of the Olympic and Paralympic Games to design the medals.
![The acquisition of Union Life & Casualty by Jewelers Mutual will help strengthen both the pawn market and the insurance industry, said JM. Jewelers Mutual and Union Life and Casualty logos](https://uploads.nationaljeweler.com/uploads/195925667226ecfc51b4e1bb09607143.jpg)
Union Life & Casualty will join JM Insurance Agency Partners, expanding the provider’s pawnbroker coverage.
![The winner of this year’s Lonia Tate scholarship, Bradlei Smith will receive the opportunity to earn her Graduate Gemologist diploma from GIA and, following graduation, an internship at Ben Bridge Jeweler in Seattle. Bradlei Smith](https://uploads.nationaljeweler.com/uploads/996834935ae30a7a1195db8b9db6cb7d.jpg)
Los Angeles-based Bradlei Smith was selected for this year’s award.
![Peter Smith is an industry consultant, speaker, sales trainer, and author. He can be reached via email at TheRetailSmiths@gmail.com. National Jeweler columnist Peter Smith](https://uploads.nationaljeweler.com/uploads/bec7295a7f478778b1c196e6d81e7cd9.jpg)
In his latest column, Smith shares multiple reasons why people who look at the glass as being hall full often make better salespeople.
![De Beers Group mined 6.4 million carats of diamonds in the second quarter of 2024, down from 7.6 million in the same period last year. (©De Beers Group/Photo credit: Ben Perry @ Armoury Films) De Beers rough diamond display](https://uploads.nationaljeweler.com/uploads/80cd02b1c8384f4b2efda0bcdf6a75e1.jpg)
The company also reported the $150 million sale of an iron ore royalty right, part of its ongoing effort to divest “non-core” assets.
![In honor of its summer bridal event, Long’s Jewelers is partnering with Wequassett Resort and Golf Club on Cape Cod in Massachusetts, and jewelry brand JB Star on a vacation giveaway. Long’s Jewelers giveaway promo](https://uploads.nationaljeweler.com/uploads/4e7a90944c4e8875a4f3818dbe26b28b.jpg)
The giveaway is part of the New England jeweler’s summer bridal event.
![L.A.-based flower designer, Sophia Moreno-Bunge models Guzema’s “Hidden Beauty” collection in front of a garden in Rustic Canyon in Santa Monica, California. Sophia Moreno-Bunge of Isa Isa modeling Guzema’s Hidden Beauty collection](https://uploads.nationaljeweler.com/uploads/6f3822623eb7fd2f6468f82825194cb1.jpg)
The ad features three celebrity florists creating floral sculptures while wearing jewelry by Guzema.
![The Entrepreneurship Grants program supports winners with financial aid to scale their businesses and increase their societal impact, said Diamonds Do Good. Pictured here are three of the 13 winners, top right is Tresia Shituula, and bottom row left to right, are Monkgogi Moshaga and Mohamed Samu. Tresia Shituula, Monkgogi Moshaga, Mohamed Samu](https://uploads.nationaljeweler.com/uploads/a7c9b87301b76a9446f6522747ce5b95.jpg)
The grant provided a total of $100,000 to support 13 entrepreneurs from diamond communities in Africa and India.
![Ghazi Osta, better known as Gus, was the owner and president of Volusia Gold & Diamond, a store he and his wife, Leigh Osta, opened in 1986. He was shot and killed inside the store Friday afternoon after a brief argument with a regular customer. (Photo courtesy of Volusia Gold & Diamond Facebook page) Ghazi “Gus” Michel Osta](https://uploads.nationaljeweler.com/uploads/c8c1fa3df746cbd364915a98dcac9d21.jpg)
Ghazi Michel Osta, or “Gus,” was killed Friday by an 83-year-old man said to be a frequent customer at his store, Volusia Gold & Diamond.
![Elyssa Jenkins-Pérez (left) is the Responsible Jewellery Council’s new head of North American development, and Effie Marinos is its new specialist advisor for technical standards. Elyssa Jenkins-Perez and Effie Marinos](https://uploads.nationaljeweler.com/uploads/94332af0c7a776e7a8c36fabf76baa5f.jpg)
The organization also announced Effie Marinos as its new specialist advisor for technical standards, as well as four other appointments.
![Karen Rentmeesters, who joined the Antwerp World Diamond Centre in 2010, will take on the role of CEO. Karen Rentmeesters](https://uploads.nationaljeweler.com/uploads/3256fcc71cd43a399055c61f68486269.jpg)
Rentmeesters has served as interim CEO since April following former CEO Ari Epstein’s resignation.
![Longtime Washington, D.C., jeweler Brian Mann (right) with his wife Jessie Mann, an artist who custom-paints porcelain Limoges Boxes, at a 2016 Jewelers of America member event. Mann, the longtime co-owner of David Mann Jewelers, died June 21 at age 70. Brian and Jessie Mann](https://uploads.nationaljeweler.com/uploads/be4debc6e0b3198943a66ef0e2197c2c.jpg)
Mann, whose family’s jewelry store was located inside the Pentagon, is remembered for being a thoughtful champion of the industry.
![The 1916 Company recently opened a new Tudor boutique in Denver’s Cherry Creek Shopping Center. Tudor store in Denver](https://uploads.nationaljeweler.com/uploads/9f8600ea53ed731963331ebd28a10d16.jpg)
The 500-square-foot boutique is located in Denver’s Cherry Creek Shopping Center.
![This necklace from Messika’s “So Move Max” set is made of yellow gold with 19.18-carats of brilliant-cut diamonds and designed with circle motifs that move within the links (price upon request). Messika’s So Move Max Necklace](https://uploads.nationaljeweler.com/uploads/14c78af4a4e8c6b996a81bbb5a5bc69f.jpg)
Dance all night long with the “So Move Max” set’s necklace.
![On Sept. 1, Julien Tornare (left), current CEO of TAG Heuer, will become CEO of Hublot. Antoine Pin, now the general manager of Bulgari’s watch business, will take over Tornare’s role as CEO of TAG Heuer. (Images courtesy of LinkedIn) Julien Tornare and Antoine Pin](https://uploads.nationaljeweler.com/uploads/b24627b34ece895ddd254bae22751fb8.jpg)
Luxury giant LVMH is reshuffling the leadership in its watches division.