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Diamond Dealer Defaults on Sotheby’s Pink Diamond

February 28, 2014 by Marion Maneker

Isaac Wolf on You Tube

During yesterday’s earnings call, Sotheby’s revealed that one of its major successes of 2013, the sale of a 60kt pink diamond for $83m to dealer Isaac Wolff had not gone through. The diamond was guaranteed. So Sotheby’s now owns it for $72m. Katya Kazakina did a little Googling to come up with the rationale behind Wolff purchase:

“It’s not that I am buying this with the money I have in my piggy bank,” he said. “It’s basically a group of investors, financial people that are backing me in this and they are doing this as an investment, and hope to make a big profit.”

Wolf said he saw “a great opportunity” in buying the diamond because “this particular color of the diamond today in the 10 carat sells for $2.5 million a carat.” At almost 60 carats, his diamond could be worth $150 million, he said.

“And I bought it for $83 million,” he said in an interview. “So you have to admit that I bought it well.”

Sotheby’s Pink Diamond Buyer Defaulted on Record Purchase  (Bloomberg)

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Filed Under: General Tagged With: Gems and Jewelry

About Marion Maneker

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