An ordinary looking old ring bought at a British hospital car boot sales for just £10 has been sold for an astounding £656,750 – after it revealed itself to be a poorly cut 26 karat diamond from the 1800s.
The former owner of the ring, an elderly lady, acquired it way back in the 1980s at a (giveaway sales) or rather, a car boot sales over at West Middlesex Hospital, thinking it was nothing more than costume jewelry.
READ ALSO >>> WORLD’S LARGEST EMERALD ROCK DISCOVERED IN BRAZIL
For those who are confused as to what ‘car-booth sales’ are, here is one simple explanation. In most lands, particularly developed ones, people looking to quickly get rid of surplus personal possessions with some value, pile them all up in the boot of a car, drive to a busy part of town and display them for sale at very cheap prices right there in the car boot.
And that was how this woman came to buy this seemingly ordinary diamond ring.
According to her, she wore the old ring regularly, even while carrying out daily chores at home. It wasn’t until recently that she decided to have it valued that the shocking reality came to light.
It turned out that this very ordinary looking old ring got identified as being a poorly cut solid 26 – 27 karat diamond from the 19th century with a modern value of no less than £250,000 to £350,000.
Due to the rather antique nature of the diamond ring, it went up for auction at Sotheby’s in London at noon yesterday and, following an aggressive bidding war, it ended up with the highest bidder who bought it for a whopping £656,750.
The bidding started up at £240,000 but quickly went past the said valuation. In no time it went past the £500,000 mark with wealth bidders fighting it out for the rare gem, which for some reason has been dubbed The Tenner Diamond.
The auctioneer’s hammer fell at £540,000, and the victorious bidder paid a staggering £656,750, this included both VAT and buyer’s premium.
The history of this diamond ring is covered in mystery as very little is known about its origin. But that it’s got a victory is in no doubt.
Industry expert, Mr. Tobias Kormind, CEO, 77Diamonds.com, is completely convinced that the ring must have once belonged to royalty.
According to him, the ring originates way back from the 1800s – this was before the discovery of the world’s modern diamond mines – most of which is located in Southern Africa. The 1800s was a time when only very few diamonds were available in the entire world.
Besides Mr. Tobias, several other diamond dealers have also taken a close look at the diamond, which was one of the conditions it had to pass before going up on sale at a prestigious place like Sotheby’s. Its value has been assessed with respect to how large a modern cut diamond can be created from it and the result was impressive.
Tobias says that the new owner is most likely going to re-cut it into a modern diamond that will produce even more sparkle. Bottom-line, the new buyer is likely to make several times what he bought the diamond.