Wittelsbach diamond sells for a record price of £16.4 million
What credit crunch? At Christie’s in Central London, the Wittelsbach diamond became the most expensive stone or piece of jewelry ever sold at an auction. Back in 1664, this sky-blue gem was given as the wedding dowry of a Spanish princess “Infanta Magarita Teresa” painted by Velazquez. This jewel is originally from India and hasn’t been on the market for 80 years. London Bond Street-based jeweler Laurence Graff paid a whopping £16.4 million (US $24.47 million) for the extraordinary Wittelsbach diamond. Mr. Graff said that diamond might have sold for £50 million if there had been no credit crunch. Graff says that he will reshape the 35.56 carat gem before selling it. Earlier, the diamond was expected to sell for £9 million, but the auction ended with setting the world record for the most expensive diamond.