NEW YORK — A diamond worth more like $30.4 million has sold at auction for $9.4 billion, making it the biggest diamond ever to go up for sale.
The sale was completed Friday night in New York City, when the buyer, a Chinese diamond dealer, told a reporter it was the biggest known sale of a single gemstone.
The buyer is the China Diamond Association, a trade group that represents Chinese buyers in the United States.
It will be auctioned Monday in the New York office of the Sotheby’s International Realty Group.
The buyer is a Chinese trader who is the first Chinese person to own a diamond of this size.
The diamond was given to him by an international diamond dealer in 2014, and he paid a reported $1 million for it.
The seller, the buyer’s brother-in-law, said the diamond was about one-third the size of a typical yellow diamond.
It was a rare moment in the annals of American business.
The last diamond sold for $30,000, and the price of the one-percent-of-a-million-dollar-stone is considered the median for an American diamond.
The diamond, known as A5, was sold in China as a way to raise money for the organization.
“We feel it’s important to celebrate this moment of significance for the Chinese people and our international community,” said Stephen J. Smith, the China director for Sothebys International Realtors.
“A diamond of the size it’s sold for, and what’s been sold for in the past, is rare and unprecedented.”
This is the largest sale of any diamond ever sold at an auction.
This diamond is believed to be one-fifth the size.
There are currently no other diamonds of this type sold for auction in the U.S.
Sue St. John, president and CEO of the Chinese diamond association, said in a statement.
Diamonds worth $30-million and more have been the subject of many transactions in recent years.
This is the biggest sale of an American gemstone ever.
When it was sold, it was one of the largest diamonds ever sold in the world, according to Sothe by Christie, the New Jersey-based auction house.
Sotheby declined to give a price for the sale.