The world’s largest cut emerald, purchased recently by a Calgary businessman, will be put up for auction at the end of the month, despite some doubts about its authenticity.
The 57,500-carat bauble weighs over 25lbs (11 kilos) and was brought to Canada by gem hunter Regan Reaney. The stone was mined in Brazil, but Regan purchased it from a buyer in India for an undisclosed amount.
Dubbed Teodora—Portuguese for “Gift of God”—the gem will go on the auction block on Jan. 28 at Kelowna-based Western Star Auctions, with bidding to start at $500,000.
Gemologist Jeff Nechka said he was initially doubtful that an emerald that size could be authentic, but after careful study he was sure it was genuine and appraised it at $1.15 million.
“It is so large it’s really unusual for an emerald to occur that way naturally,” he said.
“I tested out its barrel, and given some of the inclusion within the stone, some of the rock matrix in it, and given that the tone was very uneven all over, in my opinion I would say it is definitely emerald.”
Nechka is the owner of Calgary-based jewellery store Premier Gems. He trained at the Gemological Institute of America and is the only Western Canadian member of the International Coloured Stone Association.
He admits he did find evidence that the stone had been dyed, which he included in the appraisal.
Emerald dyeing is a practice considered to be deceptive in the industry, because it is impossible to discern the gem’s original colour after it has been treated.
“Each emerald variety is designated by colour. So intense green colour would designate it as emerald, but it’s hard to say, being that it was dyed, how much dye was applied to the stone,” Regan said.
Emeralds are a rare form of the mineral beryl. However, white beryl is much more common than the green variety and virtually worthless. Nechka believes the emerald was green beryl that has simply been enhanced.
He added that the dyeing does not significantly affect the value of this particular stone because it’s only of commercial quality. The value lies in its sheer size, being the biggest in the world.
International Buzz
Regan said the value of the stone may also increase due to the media attention and international buzz it has attracted.
“It’s getting so much attention, but it’s really hard to evaluate something of this scale, and how much it’s actually worth. The auction will decide what its market-condition value is worth,” he said.
Since the emerald’s arrival in Calgary two weeks ago, Nechka and Reaney have been interviewed by major international media including CNN, the BBC, and Discovery Network.
Nechka says Reaney has been getting offers to buy the gem from around the world, but has no idea who the highest bidder will be on Saturday.
Some gemologists and buyers who have not inspected the stone have expressed skepticism of its value and warned potential buyers to have an independent appraisal done before purchase.
Nechka says the nay-sayers are just trying to get some of their own media attention.
“I don’t know if they just want to steal the spotlight or what.”
Emeralds are one of the world’s most valuable jewels, and were first recorded for sale in Babylonian markets around 4,000 BC.
Today Colombia, Brazil, and Zambia produce most commercial emeralds.
Although Brazil produces more emeralds annually than any other country, Colombia is considered to mine the world’s finest, and sets the global standard for size and colour.[video]http://www.youtube.com/watch?v=Bfo2HOeml5A[/video]
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