Golconda diamond fails to find buyer at Christie’s auction in Hong Kong

Nobody took “The Eye of Golconda” home.

A pear and cushion-shaped diamond and emerald necklace, having two Golconda diamonds, failed to sell at Christie’s Magnificent Jewels auction held this week in Hong Kong, as Chinese buyers demonstrated more selectivity than at previous auctions.

The rock, the centrepiece of a diamond and emerald necklace, is known as “The Eye of Golconda,” and it was expected to fetch up to $10 million. Instead, it remained unsold.

A 9.38 carat pear-shaped fancy intense pink diamond fared better, selling for almost $6 million (or $636,117 per carats), still at the low end of its estimate.

The Indian medieval region of Golconda is universally famous for the mines that have produced the world’s most famous and coveted gems, including the Hope Diamond, Idol’s Eye, the Koh-i-Noor and the Darya-i-Noor.

Overall Christie’s sold about $390 million worth of art during the five-day spring sale, with jewellery showing disappointing results, as only 81% of the 300 lots on offer sold with a 73% sell-through value.