Christie's to auction 101-carat diamond

Hong Kong—Christie's will put a 101.27-carat diamond on the auction block on May 28 during its spring jewelry sale in Hong Kong.

The gemstone is the largest colorless diamond to appear at auction in 18 years and bidding is expected to exceed $6 million. The winning bidder will have the privilege of naming the stone.

The stone was cut from a 460-carat rough diamond, certified by the Gemological Institute of America as having F color, VVSI clarity and an "excellent" grade in both polish and symmetry.

"Only three colorless diamonds of over 100 carats have ever appeared at auction, all sold in Geneva," Christie's Chairman of Jewelry Francois Curiel said in a statement. "With Asia becoming such a vibrant market, it is fitting that this rarest gem should be offered on May 28 to the growing number of collectors in this region."

The diamond will be unveiled during Christie's Spring Masterpieces Exhibition, scheduled for Feb. 23-27 in London.

Christie's jewelry auctions take place in Amsterdam, the Netherlands; Dubai, United Arab Emirates; Geneva; Hong Kong; London; New York; Paris and Milan, Italy.

The auction house reported jewelry sales of $395 million in 2007, an 11 percent increase over 2006 sales of $355 million.Other notable diamonds recently auctioned off by Christie's include the 53.71-carat "Dubai Magnificence," a pear-shaped, D-color, flawless-clarity stone sold in New York in December.