Origin of name
The origin of the name La Favorite is shrouded in mystery
just as much as the early history of the diamond itself. The name perhaps
reflects the quality of the diamond, which is better than all others of the
same kind.
Characteristics of the
diamond
The diamond was a 50.15-carat, D-color, emerald-cut,
potentially flawless stone set in a ring by Bulgari. The qualification
potentially flawless referred to its clarity, which was very very slightly
included (VVS) 1 or 2, and could have been improved by a slight re-cutting.
The La Favorite diamond, being a D-color diamond is a
Type IIa diamond, which are said to be the "purest of the pure" of all
diamonds. They are chemically pure and structurally perfect diamonds. They
are chemically pure because of the absence of impurities such as nitrogen,
boron and hydrogen atoms in the crystal structure, that can impart color to
the diamonds. They are structurally perfect because of the absence of
plastic distortions in the crystal, which can also induce rare fancy colors
to the diamonds such as pink, red, and purple colors and also brown. Thus in
the absence of all factors that can cause color in diamonds, these diamonds
are absolutely colorless. Besides the D-color diamonds, E & F color diamonds
which are also absolutely colorless according to the GIA color grading
scale, may also come under Type IIa.
History
The diamond is of South African origin, but other details
of the early history of the diamond such as the mine of origin, date of
discovery, weight of the rough stone, original owner of the diamond, person
or company involved in the cutting etc. are not known. The cut and polished
diamond first made its appearance in 1934 at the Chicago World Fair, when
the diamond was said to have been owned by a collector from Persia (Iran).
At that time the value placed on the diamond was $ 1,000,000.
The year 1934 was when the United States and the world
was in the midst of the Great Depression, a period of harsh adversity
precipitated by a worldwide economic downturn, causing drastic declines in
output, severe unemployment and acute deflation. In spite of the depression,
the La Favorite diamond became a sensation at the World Fair, and long
queues formed with people waiting patiently to take their turn to view the
rare and unique diamond.
The diamond appears to have changed hands in the 1960s
when it was acquired by a Frenchman. The diamond next made its appearance
over thirty years later, in April 2001, at a Christie's Magnificent Jewels
auction held in New York, in which over $ 21 million worth of jewels
equivalent to 83% of the lots were sold. The top lot of the sale was the La
Favorite diamond, the 50.15-carat, D-color potentially flawless, emerald-cut
diamond, set as a ring by Bulgari. After competitive bidding the diamond was
purchased by Laurence Graff of Graff Diamonds, London. The purchase price of
the diamond was $ 3,636,000.
After purchasing the diamond Laurence Graff has got the
it slightly re-cut to make it a perfectly flawless diamond. The present
weight of the diamond is 50.01 carats, a reduction of 0.14 carats. The
diamond is now set in a new ring setting by Graff.
Laurence Graff is described as not only a merchant of
brilliants but also a brilliant merchant. The Graff business empire was
founded by Laurence Graff, the "King of diamonds", who is said to have had a
passion for diamonds from an early age. Graff is reported to have made the
following comments on one occasion. "Diamonds excite me; diamonds are my
life. I see inside the stone; look at the color; and cut and assess its
natural beauty and value. I was born to be amongst diamonds." Laurence Graff
has set an unsurpassed standard of excellence and innovation in the
industry, and it is said that more important gem-quality diamonds have
passed through his hands than any other living dealer. Some of the stones
are centuries old and steeped in myth and history; while others have just
been discovered and brought to life in Graff's own workshops.
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