Annenberg Diamond Sells Big

Diamond dreams came true for one lucky bidder at the Christie's jewelry auction this week, with a final price tag soaring to millions above expectations!

The Annenberg Diamond was the centerpiece of Christie's Magnificent Jewels auction on Wednesday, and while the stone was estimated to sell for around $3 million when Jewelry.com last reported back in July, the real figure left the experts gasping, "What recession?".

The 32.01-carat D-flawless stone mounted in a ring by Manhattan jeweler David Webb, sold for $7.7 million, healthily above the estimate. In fact, the per-carat price of $240,000 set a new world record for a colorless diamond at auction.

The Annenberg is named after its previous owner, Leonore "Lee" Annenberg, who died in March at the age of 91. Annenberg purchased the ring for herself to mark her 90th birthday, Christie's said. It was delivered by armed guards to her Rancho Mirage home in California from the Beverly Hills jeweler's store.

Now THAT'S a right hand ring, ladies!

Christie's would not reveal the name of the phone bidder who can now add this 'little' walnut-sized gem to their jewelry box, but Rahul Kadakia, head of jewelry at Christie's New York, expressed enthusiasm over the sale saying that for a time it was "as if the recession never happened."

Indeed.