Third Times the Charm: Graff Buys Back 50 Carat Diamond

For Laurence Graff, the one the one that got away is the one that won’t go away. Graff recently paid $8.3 million at a Christie’s auction for a Graff 50 carat D-Color, potentially flawless diamond ring to own it for the third time. You read that right: Laurence Graff paid $8.3 million for the ring he himself designed.

Picture courtesy of jckonline.com

The ring features a 50.1 carat rectangular-cut D-color potentially flawless diamond and was designed by Laurence Graff, the English luxury jeweler sometimes called the the king of diamonds, or even the new Harry Winston. Graff designed the remarkable ring himself, but sold it for an unknown price. In 2005, Graff bought back the diamond ring from Christie’s for the first time at the price of $4.2 million. This second sale at the New York Christie’s on December 10 for $8.3 million, nearly double the price Graff paid seven years ago.

We can assume that the increase in price won’t overly concern Graff, who was placed #462 on the Forbes magazine list of the world’s top billionaires. Graff got his start in the jewelry industry five decades ago, cleaning floors at a jeweler before apprenticing at another shop and learning how to repair rings. No doubt this ring, which he called one of the finest D-color diamonds in the world, has special value for the world-famous jeweler.

Of course, one must wonder if Graff will part ways with the ring yet again, allowing him to purchase it back a fourth time. Perhaps the thrill of losing and regaining the ring is in the newness of it, making it a shiny new gift on each occasion.

Matthew H for Raymond Lee Jewelers, South Florida’s premiere source for buying and selling luxury watches and designer jewelry.

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