Diamonds: Steve Wynn’s 230 Carat Stone, Rio Tinto’s Argyle Pink Jubilee & More

Wynn-Lose Situation

Los Angeles diamond dealer Diane Breitman claims a failed attempt to sell the 230 ct. Wynn Diamond has damaged her reputation and cost her $1.4 million in commission.

The Wynn—set in a $1 million Cartier necklace and carrying a grade of H VS1—is owned by gaming magnate Steve Wynn. According to the complaint, filed Feb. 1 in Los Angeles Superior Court, in 2011, Wynn approached Breitman, who does business as the Queen of Diamonds, about selling the stone. That June, she reportedly held a private auction at JCK Las Vegas, where Texas dealer Brett Stettner agreed to buy it for $23.5 million, putting up a 20 ct., $420,000 diamond as collateral. Later, he tried to renegotiate and the deal fell through. But Stettner still claimed he owned the Wynn, and confusion over its ownership caused potential buyers to back off. Wynn eventually canceled his deal with Breitman and returned Stettner’s 20 ct. stone.

Breitman is suing Stettner for breach of contract, intentional interference with contractual relations, and fraud, among other charges. The suit seeks $1.8 million plus unspecified damages. Stettner tells JCK the original agreement held “misrepresentations,” and that Breitman tried to sell the stone to others while trying to sell it to him.

Diamond Jubilee

The 12.76 ct. Argyle Pink Jubilee

The Argyle mine in the East Kimberley region of Western Australia has unearthed a 12.76 ct. pink diamond, the largest in its long history of discovering notable pinks.

The diamond, a light pink stone, has been dubbed the Argyle Pink Jubilee. It is considered similar to the Williamson Pink, which Queen Elizabeth II received as a wedding gift and wore at her coronation.

Expert diamond polisher Richard How Kim Kam, who has worked at Argyle for 25 years, has begun work on the pink, according to mine owner Rio Tinto. “I’m going to take it very carefully,” said Kam in a statement. “I know the world will be watching.”

After it has been cut and polished, it will be displayed and then sold as part of the annual Argyle Pink Diamonds Tender.

“A diamond of this caliber is unprecedented,” said Argyle Pink Diamonds manager Josephine Johnson in a statement. “It has taken 26 years of Argyle production to unearth this stone, and we may never see one like this again.”

Ice on the Cupcake

Warwick Jewelers in Exton, Pa., worked with a local bakery to create something to satisfy those with a jewel fixation and a sweet tooth: a $55,000 red velvet cupcake topped with an 8 ct. diamond ring.

“The bakery approached us with the idea,” says Warwick owner Barry Maglin. “We decided the 8 carat diamond would be perfect for the promotion. You don’t see a diamond like that every day.” A Texas man bought the treat in early February to present to his wife for Valentine’s Day.

Although the store designed only one bejeweled baked good for Valentine’s Day, it plans to offer more options in the future. “We are currently developing ideas for more affordable diamond cupcakes,” Maglin says.

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