What to know about diamonds in the US
A $50,000 diamond from the late 18th century could fetch $1.5 million at auction this week, a record for a diamond earring and one of the highest prices ever for a gem.
The rare diamond was discovered in 1894 in the village of Dix, in South Africa, by diamond dealer Charles Lutens.
It is the second highest priced earring in the world, with the record-holder, the $100,000 “Rudy” earring, auctioned for $4.5 billion in 2009.
Dix is a gem mine, and it has one of South Africa’s most prized diamonds, the Rangoon gem gemstone.
It produces a staggering 40% of the world’s diamonds.
The mine has produced over 100,000 diamonds since the early 1970s, making it one of Africa’s largest diamond producers.
Dawn Bowers, a spokeswoman for the Department of Justice, said Wednesday the sale of the earring could raise more than $1 million.
She did not give a price.
The gem is valued at about $1,500.
Dennis Luteng, a spokesman for the U.S. Department of the Treasury, said the buyer of the diamond is not required to disclose the source of the diamonds, but said it was a well-known diamond producer in South America and an official representative of the company that makes it.
The Department of State also did not respond to requests for comment.