DIAMOND NECKLACE FETCH Rs. 13 CRORE IN AUCTION

A diamond necklace designed by acclaimed Indian jeweller Nirav Modi has fetched Rs 13 crore at a Christie's auction in Hong Kong. The 10.2 carat diamond necklace was previously sold in another sale by the auction house in the year 2011. "The Orchid Ainra Necklace achieved a price of Rs 13 crores, a phenomenal 71 per cent appreciation in value since its previous sale by the same auction house in 2011," the jeweller said in a statement today. The necklace contains pear-shaped diamonds weighing 10.02 and 2.66 carats each and is spaced by a fancy purplish red hexagonal-shaped diamond. "The diamond has been certified as a Type IIa diamond by GIA (Gemological Institute of America), the most sought after gems in the world due to their exceptional colour and clarity," the statement added. Red diamonds are said to be among the rarest in the spectrum of coloured diamonds. Pink and red diamonds are valued 50 times more than white diamonds. The jewellery went under the hammer on June 2 in Hong Kong. In 2010 the a Golconda Necklace by the jeweller was auctioned for Rs 16.29 crore (USD 3.56 million) by Christie's while at a Hong Kong auction by Sotheby's in 2012, a Riviere diamond necklace was sold for USD 5.1 million. The Mumbai-based jeweller and retailer had shot to fame in 2010 by becoming the first Indian jeweller to be featured on the cover of a Christie's auction catalogue. The auction house had till then only featured international jewellers like Harry Winston, Cartier and Van Cleef and Arpels.