Red Diamond Fails to Sell

A rare fancy purple-red diamond ring failed to sell at auction in Australia, according to a news report.

Sotheby’s Australia was hoping the ring would sell between $700,000 and $1 million. The bidding started at $480,000 and only climbed to $490,000. According to the report, there will be some quiet negotiations behind the scenes with the seller and potential buyers.

The red diamond, which weighs 82 points, is set in a platinum ring between two blue diamonds. It was produced by Rio Tinto’s Argyle mine in Western Australia in 2005. According to the report, at $490,000, the bid for the red diamond would set a record for jewelry at auction in Australia.