The Jewelry Insider

October 11, 2008

Hip hop’s top dog, Russell Simmons, and Ugandan model, Kiara Kabukuru, showed off two gigantic diamonds to the press this week. The two radiant rocks were cut from the famous 316-carat Ponahalo diamond and will be the centerpiece at Christie’s Auction House for their highly anticipated event, “Jewels: The New York Sale”.

The Steinmetz Diamond Group cut the Ponahalo when it was unearthed in 2005 into four polished stones, and it took them almost 18 months to create the gems featured in the sale.

The two mega-diamonds weigh in at 102 and 70 carats, respectively, and are expected to draw high bids, with the larger jewel predicted to sell for $4 million and the smaller gem a mere $2.2 million.

“I hope someone wears it,” said Rahul Kadakia, head of jewelry at Christie’s. “It’s something that should be seen.”

Let’s hope the price includes a pair of burly bodyguards and a lifetime supply of pepper spray.

A portion of the Ponahalo proceeds will be donated to Russell Simmons’ Diamond Empowerement Fund, which supports projects in Africa.

Other high profile items up for grabs are leftovers from model Giselle Bundchen’s jewelry box and a dolphin brooch given to Liz Taylor by former husband, Richard Burton.

If your savings can take the hit, this is clearly the event of the year for jewelry collectors everywhere (and the moguls who love them).

Shine on, you crazy diamond lovers! Shine on!

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