Star of Happiness Diamond

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Origin of name

The name "Star"is a name that has been commonly used in the christening of famous diamonds. Some of the famous diamonds that bear this name are "the Star of America", "the Star of Sierra Leone", "the Star of South Africa", "the Star of the East", "the Star of the Season", "the Star of the South", the "Algeiba Star"and the Alkaid Star". The "Star of Happiness"diamond is a diamond belonging to Sheik Ahmed Hassan Fitaihi, the Saudi based jeweler who is also a collector and connoisseur of diamonds. The name "Star of Happiness"seems to have been selected by Sheik Fitaihi, as three other diamonds in his collection also bear the name "Star". They are "the Star of the Season", "the Star of the Desert", and the "Red Sea Star". In the naming of diamonds the tendency to select the name "Star"is usually a reflection of the extraordinary brilliance and fire of the diamond, which in turn is an indication of its superior cut, color and clarity.

Star of Happiness

Characteristics of the diamond

The "Star of Happiness"diamond is a 100.36-carat, radiant-cut, D-color, internally flawless (IF) diamond, with dimensions of 28.50 x 25.96 x 16.35 mm. It is the largest diamond in Sheik Fitaihi's collection and in the list of colorless diamonds greater than 100 carats in weight, the "Star of Happiness"occupies the 26th position. See tables below.

Sheik Ahmad Hassan Fitaihi's Collection of Diamonds

List of famous colorless diamonds greater than 100 carats in weight

The diamond being D-color is a Type IIa diamond, which are said to be the "purest of the pure"of all diamonds. These diamonds are free of all impurities such as nitrogen, boron and hydrogen, that can cause color in diamonds. Besides this they are also free of any plastic distortions in the crystal structure, that can cause rare fancy colors in diamonds. Thus the diamond is a chemically pure and structurally perfect Type IIa diamond. However these diamonds constitute only 1-2 % of all naturally occurring diamonds.

The radiant cut is a cut developed in the 1970s combining the emerald-cut and the brilliant-cut. The features of the emerald-cut are found on the crown of the diamond and that of the brilliant cut on the pavilion. This cut has the advantage of the brilliance of the round brilliant-cut and the advantage to show off the color of emerald-cut. The radiant-cut is also eight-sided like the emerald-cut.

History

The early history of the diamond such as the country and mine of origin, the date of discovery, the weight of the rough diamond, original owners of the diamond, the cutters involved in processing the diamond etc, are not known. The diamond had been graded by the GIA and all important characteristics of the cut and polished diamond are known. Besides this the only other fact we know about the diamond is that it appeared at an auction in Geneva in November 1993 and was purchased by Sheik Ahmad Hassan Fitaihi for $ 11,800,000.

Sheik Ahmad Hassan Fitaihi has set the world record for the highest amount paid for a diamond at an auction by purchasing the 100.10-carat "Star of the Season"diamond for $ 16,500,000, in May 1995. This record still stands up to date. The second most expensive diamond ever sold at an auction is the 84.37-carat Chloe diamond, which fetched a price of $ 16,189,769 at a Sotheby's auction held in Geneva, on November 14th, 2007.

Sheik Ahmad Hassan Fitaihi first attended international jewelry auctions in the early 1990s, and soon became a force to be reckoned with at these auctions. The Sheik together with Robert Mouawad of Mouawad Jewelers, Laurence Graff of London-based Graff Diamonds, and Sam Abram of SIBA Corporation, have been responsible for some of the astonishingly high diamond prices achieved in recent years.

History of Fitaihi Co.

Sheik Ahmad Hassan Fitaihi is the Chairman of Fitahi &Co. the Jeddah based company involved in manufacturing and trading of gold, silver and other jewelry items, and offers retail services for jewelry, silverware, antiques, accessories, perfumes, textiles, apparel etc through a network of retail stores and supermarkets. The company has also set up and manages medical centers and hospitals, and trades in medical equipment.

Fitahi also owns the Geneva based Marina-B Company, established by Mrs. Marina Bulgari, a world renowned jewelry designer and grand-daughter of the famous Bulgari, that produces and markets worldwide the famous Marina-B branded jewelry and watches.

The history of the Fitaihi family dates back to the year 1887, when they started as silversmiths in the holy city of Makkah. However, the actual date of establishment of Fitaihi Jewelry Store is taken as 1907, when the Grandfather of Sheik Ahmad Hassan Fitahi opened the first gold shop in Makkah. Later in 1932, after the formation of the Kingdom of Saudi Arabia, Sheik Ahmad Fitahi's father Hassan Fitaihi moved his family and his business to the coastal city of Jeddah, the main commercial center and port city of Saudi Arabia. He set up the first gold shop in Jeddah, in what is today the "Gold Market"of Jeddah. It is in this jewelry store in Jeddah that Sheik Ahmed Hassan Fitaihi acquired the basic skills and training in the jewelry trade, that eventually transformed him into a successful entrepreneur in the jewelry sector.

In 1964 Sheik Ahmad Fitaihi together with his father established a limited liability company under the name of Hassan &Ahmad Fitaihi Company, and subsequently in the 1970s Sheik Ahmad Hassan Fitaihi became the sole owner of the company. There was a rapid expansion in the business of the company and by early 1980s the company had nine jewelry stores in Jeddah and Makkah. In 1984 the company opened the first department store in Jeddah, which established the Fitahi name as a provider of luxury goods and services to the elite of the society. The success of this new venture in Jeddah was followed by the opening of a second department store in Riad in 1993.

In 1996 Fitahi Co. goes international by acquiring the internationally renowned jewelry chain of Marina Bulgari, owners of the renowned brand name of Marina B. In 1998 the company is transformed from a Limited Liability Company into a Joint-Stock Company, and subsequently listed in the Saudi Stock Exchange Market, the first Saudi family business to be ever listed in the stock exchange. In October 2003 the Company claimed another first, by launching the first jewelry retail outlet in Saudi Arabia managed totally by Saudi females. Sheik Ahmad Hassan Fitaihi still retains his position as the Chairman of the Board of Management, but the operations of the company are handled by an independent CEO and an executive team of seven members.

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