FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
AuctionsMay 16, 2017
‘Taj Mahal’ Pendant Back at the Center of Dispute
The estate of the late Elizabeth Taylor is suing Christie’s again over the cancelled sale of the heart-shaped diamond necklace.
Pictured here is the “Taj Mahal,” a Cartier diamond pendant given to Elizabeth Taylor by her husband. It was sold at Christie’s in 2011 for $8.8 million before the buyer asked Christie’s to cancel the sale after he began doubting the stone’s provenance.
New York--The dispute around the late Elizabeth Taylor’s “Taj Mahal” diamond necklace is back.
Taylor’s estate sued Christie’s in federal court in 2015 in a case that centered on the cancelled sale of the diamond. It was dismissed after both parties agreed to try to settle privately.
But on Thursday, co-trustees for the Sothern Trust, the late actress’s trust, filed another lawsuit in the Supreme Court in Manhattan against the New York-based auction house.
After Taylor’s death in 2011, her estate tasked Christie’s with selling some of her most prized possessions through auctions held in both New York and London.
According to the latest lawsuit, following the sales, Christie’s “failed to abide by its contractual obligations under the consignment agreement and blatantly disregarded its fiduciary duties to the trust.”
The auction house, the lawsuit claims, cancelled the sales of certain auction items without notifying or discussing it with the trust.
The primary dispute on which this new lawsuit is centered again is the sale of the “Taj Mahal,” a heart-shaped, table-cut diamond pendant that was the third highest-grossing lot of the auction.
(The diamond is inscribed with the name Nur Jahan, the wife of Mughal emperor Shah Jahangir. It is believed to eventually have been a gift from the ruler to his son, who became Emperor Shah Jahan and later built the Taj Mahal in memory of his late wife Mumtaz Mahal, hence the stone’s name.)
Taylor’s husband, actor Richard Burton, bought it from Cartier and gave the jewel to Taylor for her 40th birthday. At the record-setting auction of Taylor’s massive jewelry collection in 2011, Christie’s sold it to an anonymous buyer for $8.8 million.
Months after the auction ended, the buyer asked Christie’s to cancel the sale of the stone and give him back his money because he believed that the diamond did not actually belong to Emperor Shah Jahan.
But in its lawsuit, the trust claims that Christie’s never guaranteed the age of the diamond in its pre-auction materials, instead only saying it was an “Indian diamond,” a fact with which the buyer does not dispute.
The trust added in the suit that claims made outside of that vocabulary were done by Christie’s representatives during public appearances, which still does not warrant cancellation of the sale.
“Despite facing no credible threat of legal liability, Christie’s nonetheless rescinded the sale of the diamond. In doing so, Christie’s not only deviated from
its usual business practices and its own established policies, but it violated its obligations to the Trust, all in an effort to appease the buyer, an important client of Christie’s,” court papers state.
After Christie’s cancelled the sale, it demanded the trust return the proceeds; the trust has declined to refund the money.
In a statement about the new lawsuit, Christie’s said: “Both parties believe the other owes them money as a result of the auction. We have been discussing this matter for some time. The trust apparently decided to cease discussions and instead pursued legal action without notice. Christie’s believes it is unfortunate that this issue cannot be resolved through mediation, especially given the success of the sale held for the trust’s benefit.”
The trust’s lawsuit goes on to list five other items that Christie’s was said to have sold at auction but has not given the estate money for, and also claims that Christie’s has withheld $2.9 million from the sale of a Bulgari ring in an attempt to “strong-arm” the trust into returning the Taj Mahal proceeds.
The trust is asking that the court find that it doesn’t have to return proceeds from the sale of the Taj Mahal diamond to Christie’s; an “accounting” of the cancelled sales; and either a return of the aforementioned five items or compensation for the full amount of their sales; and a $2.9 million payment for the Bulgari ring, among other things.
After Christie’s cancelled the sale, it demanded the trust return the proceeds; the trust has declined to refund the money.
In a statement about the new lawsuit, Christie’s said: “Both parties believe the other owes them money as a result of the auction. We have been discussing this matter for some time. The trust apparently decided to cease discussions and instead pursued legal action without notice. Christie’s believes it is unfortunate that this issue cannot be resolved through mediation, especially given the success of the sale held for the trust’s benefit.”
The trust’s lawsuit goes on to list five other items that Christie’s was said to have sold at auction but has not given the estate money for, and also claims that Christie’s has withheld $2.9 million from the sale of a Bulgari ring in an attempt to “strong-arm” the trust into returning the Taj Mahal proceeds.
The trust is asking that the court find that it doesn’t have to return proceeds from the sale of the Taj Mahal diamond to Christie’s; an “accounting” of the cancelled sales; and either a return of the aforementioned five items or compensation for the full amount of their sales; and a $2.9 million payment for the Bulgari ring, among other things.
More on Auctions
The Latest
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Policies & IssuesMay 15, 2025
State of Retail: How to Better Serve Customers With DisabilitiesAround 54 million Americans and counting live with a disability. Here’s how to make your jewelry store and website more accessible.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
Policies & IssuesMay 14, 2025
Here’s What Happened to Pope Francis’ RingBefore Pope Leo XIV was elected, a centuries-old procedure regarding the late pontiff’s ring was followed.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
TrendsMay 13, 2025
State of Jewelry Design: The Top 10 Jewelry Trends of the Past DecadeAs a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.
Lab-GrownMay 12, 2025
Lightbox to Go Dark by Summer, De Beers Says The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.
Policies & IssuesMay 12, 2025
Tariffs on Chinese Imports Temporarily Slashed as U.S.-China Reach Deal Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.
Events & AwardsMay 12, 2025
Jewelry By Picasso, Dalí on Display at Florida Art Museum “Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.
Events & AwardsMay 12, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
