The upcoming auction on 7 October by Sotheby’s in Hong Kong already promises to be spectacular (as reported here) for its diamonds. The venerable auction house, marking 40 years of business in Asia, has succeeded in wowing jewellery lovers by putting a “magnificent oval diamond of supreme importance” up for sale at the event.

The 118.28 carat, D colour, flawless, type IIa stone of excellent polish and excellent symmetry” is, the auction house says, the largest D colour flawless diamond ever to appear at auction, as well as the largest oval shaped, D colour flawless or internally flawless diamond ever graded by the Gemological Institute of America.

While fascinating in its own right, the fact that such fabulous diamonds are going on sale in Asia is a marker of the prosperity of the region, as well as the desire by wealthy individuals to hold hard assets seen as insurance against economic vicissitudes. (To view an expert commentary on how to invest in diamonds, click here.)

Sotheby’s says that only four other white diamonds of this quality over 100 carats have ever been sold at auction, of which Sotheby’s has sold three – the present stone is nearly 20 per cent larger than the first and previously largest ever offered, the 101.84 carat ‘Mouawad Splendour’, sold at Sotheby’s in 1990. Each of those four stones was offered in Geneva salesrooms, making the Magnificent Oval Diamond the first D colour diamond of this size ever to appear at auction in Asia.

As this publication said a short while ago, that is some way to mark one’s 40^th birthday.