562.7 CT DIAMOND SOLD

November 23, 2004

A massive 562.7 ct uncut diamond was sold at a private auction on November 17, 2004, in Zurich, Switzerland, to Oakwell Associates, a global private investment group.

The diamond, named by Oakwell Associates as the Oakwell Diamond, was acquired for an undisclosed amount. It was, however, valued by international valuators on November 10, 2004 to determine the reserve value for the auction.

Selling agent of the owners, Mr. Paul Brenthurst, said it was bought in 1993 by the seller, a Portuguese consortium, for US$10-million.

“The private auction of the Oakwell Diamond was a major event in the diamond dealing industry as a stone of this size is very rare,” Mr. Brenhurst said.

President of Oakwell Associates, Mr. Jorgé Vicente, said the Oakwell Diamond will be cut and kept as an investment by the group.

According to Mr. Brenhurst more than 20 diamond dealers from The Netherlands, Israel, India, Japan and the United States, including the world's premier diamond mining and marketing company, De Beers SA, were among the registered bidders.

Top of page