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HONG KONG – A nearly 164-carat diamond designed by De Grisogono, the largest ever flawless D-color diamond to appear at auction, has sold for $33.7 million, undershooting expectations.

The hammer price at Christie’s came in just above the $30 million starting bid price. In September, De Grisogono founder Fawaz Gruosi said he had hoped it would achieve $40 million or more.

Called “The Art of De Grisogono, Creation 1,” the piece is comprised of an emerald and diamond necklace set with a rectangular cut, D-color, flawless diamond of 163.41 carats. It took 14 craftsmen more than 1,700 hours to create it.

The lot led the sale on Tuesday held in Geneva, going to an unnamed buyer over the phone.

“I am disappointed that ‘The Art of de Grisogono’ didn’t sell for a more dazzling price,” said Tobias Kormind, managing director of “The diamond is over 40 percent larger than the 118.28 [carat] D Flawless oval sold by Sotheby’s in 2013 for $30.6 million, and the price failed to reflect that comparison.” 

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