About one to three billion years ago, a unique process began that would one day deliver to you a pristine, one-of-a-kind relic––be it the diamond engagement ring, diamond studs, or diamond pendant you cherish today. Extreme heat, pressure, and the perfect storm of circumstance is how the diamond journey began some 100 miles deep within the earth.

Humans first discovered natural diamonds in caves in India between 4 and 6 B.C., but millions of years had passed from the time they were formed to this rare moment of discovery. The ancient, underground volcanic pipes in which natural diamonds are located are extremely difficult to find, and centuries of volcanic eruptions are all that’s responsible for propelling these rare gems to the surface. These rough, unpolished diamonds were a remarkable revelation, and quickly made their way to Europe and China, where they eventually became symbols of status and power among kings and queens. This is because the diamond represents enduring strength. Its name comes from the ancient Greek word “adamas,” meaning “unbreakable.”

Because natural diamonds are one of the hardest natural materials on earth, their shaping and carving––which began in the 14th Century––was initially done with primitive techniques following that of stone. Later it was discovered that the uncut gems could be shaped and shined by their own dust, which is a process still used today.

After Archduke Maximilian of Austria proposed to Mary of Burgundy with a diamond engagement ring in 1477, diamond history would change forever. This rare gem began to take on a new identity, one that stood for commitment, romance, and everlasting love. Today, natural diamonds continue to be a timeless and enduring symbol of love, strength and pure, all-natural beauty. Each one is as unique as you are. Now, as heirlooms often passed on through generations, they represent lifelines––a diamond journey that can be traced billions of years back to the deepest corners of the earth, where it all began.

From the Natural Diamond Council

The Princie Diamond has been making headlines since Christie’s sold the 34.65 carat pink diamond at a New York auction in 2013 for a record-breaking $39.3 million. Soon after, an Italian family came forward claiming the diamond had been stolen by their stepsibling. And, just last week, a New York appellate court ruled in favor of the family, who are descendants of the Italian politician and businessman Renato Angiolillo, who purchased the stone from Van Cleef & Arpels in 1960. The case is now finally going to trial.

The Princie’s Long History

A pink diamond of this size, with such saturated color and quality, is a rare natural phenomenon, and only stones as remarkable as the Princie can be traced back centuries.

Experts say the Princie was discovered 300 years ago in India’s legendary ancient Golconda mines, which were once the source of many of the world’s most spectacular diamonds. The stone was first recorded in the 18^th century as part of the Nizam of Hyderabad’s treasure chest of jewels, and it passed through generations of Indian rulers.

While having such an illustrious history adds to its value, it also makes it especially hard to conceal or sell such a stone without detection. Its whereabouts were unknown for decades until it appeared at a Sotheby’s auction in 1960, where it sold as “property of a gentleman” to an unknown buyer.

Later that year, Angiolillo, a wealthy politician and owner of one of Italy’s largest newspapers, Il Tempo, purchased the pink diamond from Van Cleef & Arpels. That same year he married his second wife, Maria Girani Angiolillo, and upon Angiolillo’s death in 1973, she retained custody of the stone (along with other jewels).

The Italian Connection

However, under Italian law, a person’s possessions are passed on to their children unless otherwise defined in their will. Hence after Maria’s death in 2009, her late husband’s descendants, who reportedly had a good rapport with their stepmother, requested the gems be returned. But her son (and their stepbrother) Marco Oreste Bianchi Milella, insisted the stone, along with other valuable jewels, had just simply disappeared. The Angiolillo family filed a police report. They didn’t hear about the diamond again until it came up for sale at Christie’s New York four years later.

During an investigation, it was revealed that Milella had in fact sold the diamond to Swiss gem dealer David Gol for $20 million, who then consigned the stone to Christie’s in 2013. According to records, Milella claimed he inherited the diamond from his mother, who, he says, got the stone as a gift from her husband. Now it’s up to the courts to decide who was the rightful owner of the stone when it was sold to Gol. There’s a problem, though: the laws in Italy and in the United States, where the stone was sold, differ with respect to estates. Once Angiolillo’s family heard of the impending Christie’s sale, they alerted the auction house that the diamond was likely their stolen stone. But Christie’s believed that Gol, the consignor, had the legal rights to it.

“This matter stems from a long-standing and highly contentious inheritance dispute among the members of an Italian family, who claim to be heirs of a past owner of the pink diamond,” said a Christie’s spokesperson following the appellate decision on last week. “While Christie’s is disappointed by the appellate court’s decision, we continue to believe that the evidence at trial will demonstrate that Christie’s consignor had the right to sells the diamond at issue, and that Christie’s acted in complete good faith in doing so in April 2013.” (Christie’s is a defendant in the case along with David Gol, his brother, and their companies.)

Big ticket diamonds and jewels are often a contentious issue in estates, divorces, and family feuds because they are small, valuable, and sentimental (and sometimes suspiciously misplaced). Those that are as rare and unusual as the Princie further complicate matters.

Estate Drama

“If there is anything that can be learned from the Princie court case it’s that, even amongst spouses and family members, valuable and portable gifts of this nature need to be accompanied by deeds or wills,” says Lee Siegelson, a third generation New York jeweler who handles exceptional gems and period pieces. “The last legacy someone wants to leave their family is a court case.”

“Jewelry is the most portable form of wealth, and there are countless thrilling tales of Russian nobles smuggling their jewelry into Europe sewn into the seams of their clothing during the revolution,” says Siegelson. “Less thrilling and rather tedious, however, are tales of family discord due to obscure ‘gifts’ or inheritances.”

Today, the Princie Diamond is in the hands of the Qatari royal family, who paid the record-breaking sum at the 2013 Christie’s auction. But its fate is now in the hands of the courts. The trial was originally postponed last fall, when the state’s appellate division agreed hear an appeal filed by the defendants, but the court’s July 9 announcement that the trial can proceed means the saga continues.

For their part, the Angiolillo family wants the gem returned to them—if not, they’ll take compensation. But whatever the outcome, one thing is clear: the Princie Diamond will surely go down as one of the most scandalous jewels in history.

From Town and Country Magazine

Including the buyer’s premium, the diamond sold for just above its $2 million high estimate. It went on the virtual block as the largest D-color diamond to be offered at an online auction. The auction house said the diamond received 31 competitive bids from four countries with offers coming as soon as bidding opened.

The diamond accounted for about half of the auction’s total sales. The timed online only sale of 140 lots achieved more than $4.1 million with 100% sold by value, 93% sold by lot and 64% of lots selling at or above their high estimate.

With live auctions opening again after a long suspension because of the coronavirus pandemic, these online only sales have proven to be quite effective at providing sales of signed jewels and period pieces. Both Christie’s and Sotheby’s reported sell-through rates well above 90 percent with many items surpassing estimates. The sale of this diamond also proves that online auctions can be used to sell high-value items.

Online auctions are already an important part of the calendar for the major houses. The reliance on these sales during the global pandemic and the success they achieved mean they are here to stay, even as the auction houses open their doors again to live sales.

“The sale of this exceptional stone established the record for a jewel sold in an online-only auction, demonstrating greater client confidence in Christie’s digital ability and online sale platform,” Rahul Kadakia, International Head of Jewelry at Christie’s, said in a statement. “We now look forward to the beginning of our live auction season for jewelry spanning all major Christie’s global sale sites.”

From FORBES

“Maharajas & Mughal Magnificence” featured nearly 400 lots spanning 500 years, showcasing the culture of Indian jeweled arts from the Mughal Empire (founded in 1526) and the age of the Maharajas to present day.

It didn’t become the highest-grossing sale ever for the auction house, as some thought it could—that title still belongs to the evening auction of Elizabeth Taylor’s jewelry in 2011, which totaled $115.9 million—but it does rank as the second-highest auction total for a private jewelry collection, according to Christie’s.

It also is the highest total for any auction of Indian art and Mughal objects, Christie’s said.

Held in New York Wednesday, the auction took 12 hours and was 93 percent sold by volume and 92 percent sold by value, with bidders from 45 countries participating. Three world auction records were set for Indian works for art, and 29 lots sold for more than $1 million.

The jewelry auction’s top lot was the Belle Époque Devant-de-corsage, created by Cartier circa 1912, which sold for $10.6 million to a private collector present in the room.

Additional top lots included the Shah Jahan dagger, which sold for $3.4 million, setting a record price for an Indian jade object and record for a piece with Shah Jahan provenance; and an antique imperial spinel, pearl and emerald necklace, which garnered $3 million.

There were also a number of exceptional Golconda diamonds sold.

The Mirror of Paradise, a 52.58-carat D-color internally flawless diamond, achieved $6.5 million and The Arcot II diamond, a 17.21-carat D IF, garnered $3.4 million.

Meanwhile, the Golconda diamond rivière necklace, from the collection of the Nizams of Hyderabad, sold for $2.4 million, going for well above its pre-sale high estimate of $1.5 million.

And a spinel, natural pearl, diamond and emerald bead “Imperial Moghul” necklace and earrings from Cartier realized $1.9 million.

All contemporary pieces by JAR and Bhagat included in the jewelry auction sold. They included the five-strand natural pearl and diamond necklace from the latter that went for $1.7 million, topping its highest pre-sale estimate, $1.2 million.

An enameled and gem-set model of a parrot from Hyderabad, circa 1775-1825, which was said to have garnered a lot of attention in the pre-sale exhibitions, also went for more than double its pre-sale estimate when it garnered $1 million, and an elephant brooch by JAR sold for $555,000, more than five times its low estimate.