Auction spotters noted an unusual buyer for the “diamond by Graff” at Christie’s latest jewelry auction: Laurence Graff himself.

At the auction house’s Magnificent Jewels Auction in Geneva on Nov. 16, the celebrated British diamond dealer paid $3.99 million for an oval-shape D-color internally flawless 24.30 ct. diamond ring he previously owned.

François Curiel, president of Christie’s Asia, tells JCK that the purchase shouldn’t be surprising.

“Laurence always goes for the best diamonds in all the auctions, whether sold by him before or not,” he says. “Important-size oval D-flawless diamonds are very difficult to get and this one in particular was a beautiful and extremely well-made model.”

The auction also realized a record price for a pair of emerald earrings, with a lot featuring two pear-shape Colombian emeralds weighing 23.66 and 23.55 cts., fetching $3.06 million (or $65,000 per carat).

“Even in the present uncertain economic times, jewelry prices fetched new levels,” said Jean-Marc Lunel, head of the Christie’s Geneva jewelry department, in a statement.

JCK