Sotheby’s is set to auction off a 102-carat diamond that could become the most expensive jewel ever sold to an online bidder.
The stone, a 102.39-carat D Colour Flawless Oval Diamond, could fetch $10 million to $30 million. Only seven flawless white diamonds of more than 100 carats have ever been sold at auction. It is the second-largest oval diamond of its kind ever sold at auction.
“One hundred-carat diamonds as a rule are exceedingly rare,” said Quig Bruning, head of Sotheby’s jewelry department in New York. “One hundred-carat D flawless are even more rare.”
While Sotheby’s doesn’t have an official estimate, comparable diamonds have sold for between $11 million and $30 million in the past, Bruning said.
The stone, described by Sotheby’s as “the size of a lollipop,” will be sold at a live auction in Hong Kong on Oct. 5, but it will also be open to online bidders starting on Tuesday. If it’s purchased by an online bidder, it would likely top the record for the most expensive piece of jewelry ever sold online — a pair of fancy blue and pink diamond earrings that sold for $6 million online in 2016.
The 102-carat stone was cut from a 271-carat rough diamond that was discovered in the Victor Mine in Ontario in 2018. The diamond was cut and polished over the course of a year by Diacore to bring out its “best brilliance, fire and scintillation,” according to Sotheby’s. The stone belongs to an elite subgroup of diamonds known as “Type IIa,” which are the most chemically pure type of diamond with the highest level of transparency.
D Color Flawless Diamond
Demand for the rarest, largest diamonds has strengthened during the coronavirus pandemic, as the wealthy have benefited from stronger stock markets and investors look for long-term stores of value in a financial world awash with cash.
While demand for everyday jewelry sold in stores has plunged — since people aren’t visiting malls and shops as often, or wearing jewelry as often — prices for so-called investible diamonds have remained strong. Wealthy buyers, especially in Asia and the Middle East, covet diamonds as the ultimate hard-asset, since they are durable and portable.
Sales of jewelry and diamonds online have also increased, as people buy more from home. Sotheby’s said its online jewelry sales have totaled $31 million this year, seven times more than the same period last year. It has sold three lots for more than $1 million online.
“The retail experience — going into the store, trying things on — that’s gone right now, or at the very least has changed substantially,” Bruning said. “A lot of things have moved online, and we have been able to really capitalize on that by showcasing things in a new and compelling kind of way globally.”
When asked whether the buyer of a 100-carat diamond would ever wear it, he said: “Absolutely. They want to enjoy them.”
Morgan Stanley analyst Keith Weiss has increased the price target of Microsoft Corporation (NASDAQ: MSFT) from $245 to $249. These are the details.
Morgan Stanley analyst Keith Weiss has increased the price target of Microsoft Corporation (NASDAQ: MSFT) from $245 to $249. And Weiss also kept an “Overweight” rating on Microsoft’s shares following the fiscal first-quarter report.
Weiss pointed out that the first quarter results showcased an acceleration in commercial bookings and solid growth in Commercial Cloud. Plus he raised his FY 21 EPS estimates after the earnings were announced.
Fiscal First-Quarter Results
Earlier this week, Microsoft reported revenue of $37.15 billion compared to analyst expectations at under $36 billion for the first fiscal quarter. And Microsoft CFO Amy Hood said that the company is expecting between $39.5 and $40.4 billion for the fiscal second quarter. Hood noted that there will likely be software business demand for Windows licensing revenue.
For the quarter, revenue increased 12% on an annualized basis — which is down from 13% growth in the previous quarter. And revenue for commercial PCs dropped 22% due to the end of Windows 7 support and the COVID-19 pandemic.
However, the Azure public cloud for hosting applications and websites increased by 48%. Analysts were expecting less than 45%.
And the Microsoft Intelligent Cloud unit — which features Azure, Enterprise Services, GitHub, and server products like SQL Server and Windows Server — generated $12.99 billion in revenue, up 20% year-over-year.
The Productivity and Business Processes unit — which includes Dynamics, LinkedIn, and Office — brought in $12.32 billion in revenue. Microsoft CEO Satya Nadella noted during the call that Teams (part of the Office 365 productivity app bundle) is now seeing over 115 million daily active users, up from 75 million in April.
Microsoft’s revenue from the More Personal Computing unit — which includes search ads, Surface, Windows, and Xbox –hit $11.85 billion, up 6% year-over-year.
Even though Microsoft beat the estimates for the quarter, the stock price is trading down about 5.26% due to a broader market selloff and the guidance for the next quarter being slightly below average estimates. Analysts were expecting more than $40.4 billion for the next quarter as the company launches its next-generation video game consoles.
Plus, Sony’s WH-1000XM4 are also back down to their lowest price
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Through Sunday, November 1st, Best Buy is giving shoppers another sliver of time to get in on some deals ahead of Black Friday later in the month. Most of these are repeats from the retailer’s Black Friday kickoff event that went up against Prime Day, though a few are newcomers. We’ll be keeping you posted on all of the latest Black Friday deals throughout the month, no matter where they’re coming from or when they actually drop, so stay tuned.
If you’re hunting for a 4K TV with fantastic picture quality and contrast, the highlight deal is on Vizio’s brand-new 65-inch OLED TV. It normally costs $2,000, but it’s $500 off until the sale ends on Sunday. This model should be on your shortlist if you need a new TV that has HDMI 2.1, which will help you get the most out of your PS5 or Xbox Series X consoles.
There’s another good deal on an OLED TV. LG’s 55-inch CX OLED TV was originally listed for $1,800, but it’s $1,400 right now at Best Buy as well as other retailers like Amazon.
Vizio’s 65-inch OLED TV first hit shelves earlier in October, but it’s already $500 off at Best Buy. You can snag one now for $1,500, which is a very aggressive price.
Amazon’s Fire TV Stick Lite streaming device is seeing its first big discount at Best Buy. It costs $30 at Amazon, but you can pick it up now for $18. Amazon claims this model has the “most processing power” of streaming devices at this price point.
The Amazon Echo Show 5 is $45 at Best Buy, matching the Prime Day deal that we saw a few weeks ago. It’s similar in design and functionality to the larger Echo Show 8, just in a smaller package that can fit on a nightstand.
If you want a more simple smart clock than a feature-packed smart display, Lenovo’s new Smart Clock Essential is down to $25 (usually $50). It has traditional segmented LEDs instead of a color touchscreen, and it features the Google Assistant.
Sony’s latest flagship wireless headphones, the WH-1000XM4, are back down to their Prime Day price of $278. This marks the lowest price we’ve seen, and it’s a great deal if you want best-in-class noise-canceling performance, along with excellent sound quality and long battery life.
Lenovo’s Chromebook Flex 3 is $179, which is $100 of its usual price. This model has an 11.6-inch display, 4GB of RAM, and 32GB of storage, so it’s not the most capable option on the market — though, this is a low price.
SINGAPORE (Reuters) – Asia’s stock markets fell on Thursday, but without the panic selling seen in Europe and the United States, while U.S. futures jumped as investors tried to get a grip on fears that fresh lockdowns could derail a recovery from the COVID-19 pandemic.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6%, with the heaviest drops in Australia, down 1.6%, and South Korea, down 1%.
Japan’s Nikkei fell just 0.3%, Chinese blue chips rose 0.5% and the yuan led a gentle bounce in Asian currencies against the greenback.
That was a far cry from the biggest falls on Wall Street and in Europe in months on Wednesday, highlighting Asia’s emergence from a pandemic that has the rest of the world still mired.
Traders lifted S&P 500 futures 1% with the mood, and on hopes that spiking volatility might mean a swift rebound. European futures rose half a percent and FTSE futures rose 0.3%.
“Asia is not really partaking in this second or third wave story because it’s got its COVID largely under control,” said Rob Carnell, chief economist in Asia at Dutch bank ING.
“As a result, domestic economies look reasonable.”
As if to illustrate, Taiwan, which boasts Asia’s best-performing currency, marked its 200th straight day without local transmission on Thursday, while France and Germany prepared for lockdowns and as the virus sweeps across the U.S. Midwest.
Oil also steadied on Thursday, with Brent futures up 0.2% at $39.20 a barrel, after dropping 5% on Wednesday. [O/R][AUD/]
Still, for the week so far the commodity, often regarded as a proxy for global energy demand and growth, is down 6.2% and world stocks down 4.7%, as the pandemic worsens and a U.S. election looms.
“Until yesterday the market was travelling with the hope the improvement of health care services in dealing with the pandemic would prevent the introduction of severe lockdowns,” National Australia Bank FX strategist Rodrigo Catril said in a note.
“At least in Europe, this dynamic has now changed … the question now is whether U.S. states will follow.”
Economic data and a European Central Bank meeting are the main focus later on Thursday, with gathering uncertainty about Tuesday’s U.S. election also keeping investors on edge.
The Bank of Japan made no changes to monetary policy settings, as expected, though trimmed its growth forecasts to reflect sluggish service spending during summer.
Investors expect the European Central Bank to similarly hold off on new measures, but to instead hint at action in December, which is likely to keep a lid on the euro.
The common currency hit a 10-day low on the dollar and a hundred-day low on the yen on Wednesday, before recovering slightly. It last bought $1.1752.
German unemployment and inflation data, European confidence surveys and advance U.S. GDP figures will also be closely watched – with the U.S. figure likely to show record growth, but still leave the economy behind where it began 2020.
“Any disappointment in these numbers may have a magnified market impact, given the current weakness,” said CMC Markets’ Sydney-based strategist, Michael McCarthy.
Investors are also increasingly wary of a contested U.S. election result that could unleash a wave of risk-asset selling.
Wall Street’s “fear gauge,” the Cboe Volatility Index surged on Wednesday to its highest level since June and implied currency volatility indicates that a wild ride is expected.
The U.S. bond market, however, was somnolent as investors looked past polling day and figured huge government borrowing for coronavirus relief spending will happen no matter who wins.
Benchmark U.S. 10-year yields rose overnight and added about half a basis point on Thursday to 0.7877%.
Reporting by Tom Westbrook in Singapore. Additional reporting by Pete Schroeder in Washington; Editing by Lincoln Feast.