Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Asia Pacific markets were mostly in negative territory on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
"The last thing I want is to put a date out there for lifting the grounding," said Dan Elwell, acting administrator for the FAA.Transportationread more
The charges allege he published secret documents obtained by former Army intelligence analyst Chelsea Manning, some of which included the disclosure of foreigners who were...Politicsread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
The "Pink Legacy," a diamond weighing just under 19 carats, fetched a record $50 million, purchased by U.S.-based luxury jeweler Harry Winston, Christie's said on Tuesday.
Harry Winston jeweler — owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek — promptly renamed it "The Winston Pink Legacy," adding it to its collection of rare jewels, the auction house said.
The semi-annual Geneva jewelry sale netted $110 million, with 86 percent of lots finding new owners, including 11 that brought more than $1 million, Francois Curiel, chairman of Christie's luxury group told reporters.
"The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond," Curiel, who is also a jewel expert, said. "This stone for me is the Leonardo Da Vinci of diamonds, I don't think there is anything better."
Graded "vivid", the highest rating for a pink diamond's color, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.
Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed.
Vivid colored diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this color weigh less than one carat, the auction house said.
There were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row, Curiel said.
An important Asian collector was the direct under-bidder, Rahul Kadakia, international head of Jewelry at Christie's told reporters.
"The stone is now going to be known as Pink Legacy Diamond which Mrs Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat 'D' flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection," he said.