Dazzling royal treasures: Princess Diana’s exquisite diamond and pearl necklace, up for auction, expected to fetch millions.
It is currently quite the time for the British monarchy. With King Charles’ coronation barely passed, the royals are headlining left right and center both nationally and internationally with what is probably their most important event in recent years. But there’s another royal event on the horizon: Lady Diana’s jewels are going up for auction.
Image courtesy of Guernsey
Happening in June, the auction will sell Diana’s jewels; a stunning diamond and South Sea pearl necklace, accompanied by a pair of matching earrings, that were once worn by the late Princess Diana. This extraordinary set of jewels, donned by Princess Diana only once during a 1997 English National Ballet performance, is expected to fetch a staggering sum of up to US$15 million.
The highly anticipated auction, overseen by New York-based auctioneers Guernsey‘s, will take place at the prestigious Pierre Hotel in Manhattan on June 27. According to a spokesperson from Guernsey’s, these exquisite pieces were believed to have been commissioned by Dodi Fayed, Princess Diana’s companion, before their tragic demise in a car accident in August 1997.
The Crown Jeweller, renowned British jewelry house Garrard, which has crafted exquisite pieces for the Royal Family for centuries, had the privilege of designing this necklace for Diana. The design was conceived after a meeting with the princess in early 1997. Two years following Diana’s untimely passing, her family authorized the Crown Jeweller to sell the necklace. What makes this even more intriguing is that Diana was not known for owning a substantial collection of personal jewelry. Therefore, when this necklace, crafted by the esteemed Crown Jeweller himself, surfaced after her separation from the crown, it came as a delightful surprise.
The necklace, adorned with clusters of pearls and an impressive array of 178 diamonds, holds great significance due to Diana’s allure and the rarity of her personal belongings appearing on the market. It is possibly the only major jewels of Diana’s that will ever be sold – which means the auction has sparked serious interest.
Upon its completion, Princess Diana wore the jewels to the premiere of Swan Lake by the English National Ballet on June 3, 1997. Subsequently, she returned the necklace to the jeweler to have matching earrings created, although she tragically never had the opportunity to wear them.
The jewels are being sold by Mark Ginzburg, a Ukrainian real-estate developer who acquired them in 2009 through Guernsey’s. Unfortunately (or fortunately to its future buyer), due to the ongoing conflict with Russia, Ginzburg is now compelled to sell the cherished pieces. While the exact amount Ginzburg paid for the set remains undisclosed, one report suggests a figure of US$632,000, though this has not been independently verified.
This upcoming auction will mark the third time the necklace changes hands. Ettinger oversaw the initial sale in 1999, with the buyer being Houston furniture magnate James McIngvale. Ten years later, McIngvale decided to put the necklace up for auction with Guernsey’s, leading to Ginzburg’s acquisition.
As for the estimated worth of the diamonds and pearls themselves, Ettinger believes they possess an intrinsic value of at least US$1 million to US$1.5 million. However, determining their market value is a challenging task. Although no official price range has been provided by the auction house, Ettinger speculates that the necklace may sell anywhere between US$5 million and US$15 million.
