Taylor–Burton Diamond
| Industry | Jewelry |
|---|---|
| Headquarters | New York City , United States |
| Products | Diamonds, jewelry |
The Taylor–Burton Diamond, a gemstone weighing , rose to prominence in 1969 when actors Richard Burton and Elizabeth Taylor acquired it. At the auction, jeweller Cartier purchased the diamond for $1,050,000, setting a new record for the highest price paid for a jewel at a public sale. Burton was the runner-up bidder in this event. Following the auction, thousands of people in New York and Chicago lined up to view the diamond. Elizabeth Taylor later showcased the gem at the 40th birthday celebration of Princess Grace of Monaco and at the 42nd Academy Awards.
Description
Discovered in 1966 at South Africa's Premier Mine, the rough diamond initially weighed . It was subsequently shaped into a pear cut by Harry Winston, resulting in a polished stone weighing .
When sold in 1969, the diamond was mounted in a platinum ring accompanied by two smaller diamonds. However, Taylor found the ring too cumbersome and commissioned an $80,000 diamond necklace with a bespoke setting to conceal her tracheotomy scar caused by near-fatal pneumonia in 1961. In 1980, owner Robert Mouawad had the gem recut to .
History
The diamond was first acquired in 1967 by Harriet Annenberg Ames, sibling of publisher Walter Annenberg. She refrained from wearing it publicly in New York City and kept it secured in a bank vault for several years.
1969 sale
The auction took place on 23 October 1969 at Parke-Bernet in New York City. Prior to the sale, the diamond was transported to Gstaad, Switzerland, so that actress Elizabeth Taylor could examine it before it returned to the United States for auction. Richard Burton set a maximum bid limit of $1 million; his attorney placed bids via telephone from London, while jeweller Al Yugler participated on-site.
Bidding began at $200,000 with considerable enthusiasm but quickly narrowed down; only two bidders remained when the price reached $650,000. Yugler withdrew at $1 million, concluding the auction soon after. The winning bid of $1,050,000 was made by Robert Kenmore of the Kenmore Corporation, which owns Cartier.
Other notable underbidders included jeweller Harry Winston, Sultan of Brunei Hassanal Bolkiah, and shipping tycoon Aristotle Onassis, who dropped out at $700,000. This final price established a new record for a jewel sold at public auction, surpassing the previous record of $305,000 set in 1957.
Following the purchase, the buyer was entitled to name the diamond; it was initially referred to as the "Cartier Diamond."
Purchase by Burton and Taylor
At the time of the auction, Burton and Taylor were staying at The Bell Inn in Aston Clinton, Buckinghamshire, England, visiting Burton's brother. After the auction concluded, Burton’s lawyer Jim Benton informed him that he had been outbid. In his diary, Burton recounted his reaction:
"I turned into a raving maniac and insisted that he get Aaron on the phone as soon as possible. Elizabeth was as sweet as only she could be and protested that it didn't matter... But not me! ... I screamed at Aaron that bugger Cartiers, I was going to get that diamond if it cost me my life or 2 million dollars whichever was the greater. For 24 hours the agony persisted and in the end I won. I got the bloody thing".
Burton spent the following day by the payphone at The Bell Inn directing Frosch to purchase the diamond from Cartier regardless of cost. The acquisition was finalized at $1.1 million. Burton expressed his motivation: "I wanted that diamond because it is incomparably lovely ... and it should be on the loveliest woman in the world." The gem became known as the "Taylor Burton Diamond." Previously, Burton had bought Taylor the 33.19-carat Krupp Diamond in May 1968 for $307,000.
Their jewelry collection and other assets were officially held within a tax shelter named Atlantic Corporation.
Public display
Kenmore consented to sell the diamond on the condition that it be exhibited at Cartier's locations in New York and Chicago. Following a prominent advertisement in the New York Times announcing the exhibition, approximately 6,000 visitors lined up each day to view the gem. Additionally, the diamond was featured on The Ed Sullivan Show.
This widespread attention sparked criticism from The New York Times, which commented:
"This week, crowds have gathered outside Cartier's to gape at a diamond as grand as the Ritz, valued at over a million dollars... As someone remarked, it would have been fitting to wear it in the tumbril en route to the guillotine... In an era marked by such trivialities as war and poverty... with some spare millions, this display is possible—and regrettably, admired".
Monaco premiere
Following its public showings, the diamond was transported to Taylor and Burton in Monaco in November 1969, where they were staying aboard their yacht, the Kalizma, docked at Port Hercules. The three-week journey involved three men carrying identical briefcases to safeguard the jewel during its flight from New York to Nice, France. Upon arrival in Monaco, an armed escort provided additional security. The couple attended Princess Grace’s fortieth birthday celebration, known as the 'Scorpio Ball', hosted at the Hermitage Hotel in Monte Carlo. The briefcase with the diamond also contained three pairs of 50¢ stockings Taylor had requested from New York, underscoring her enthusiasm for both items.
At the Scorpio Ball, Taylor showcased the diamond alongside the Krupp Diamond, which Burton had acquired in 1968, and the "Ping Pong" diamond—a small -carat stone purchased for $14 following a ping pong wager with Burton. When praised for her jewelry, Taylor jokingly suggested that compliments were meant for the smallest diamond. Burton recorded in his diary Taylor’s delight and noted how others admired her adornment, including Princess Grace and Hjordis Niven.
Subsequent ownership and disposition
Taylor donned the diamond during the 42nd Academy Awards on 7 April 1970, when she presented the Academy Award for Best Picture to Midnight Cowboy, wearing a gown designed by Edith Head.
A $1 million insurance policy was arranged through Lloyd's of London, specifying that the diamond could only be publicly worn for thirty days per year, must be stored securely in a vault otherwise, and always accompanied by armed security when displayed. Taylor later commissioned a $2,800 replica of the jewel.
After her second divorce from Burton in 1978, Taylor sold the diamond in June 1979 to New York jeweler Henry Lambert for an estimated $3–5 million. The funds contributed toward building a hospital in Botswana, where Taylor and Burton had wed in 1975. Later that year, Lambert sold the diamond to Robert Mouawad of jewellers Mouawad.
See also
- Elizabeth Taylor Diamond, a gem purchased by Burton for Taylor in 1968
- List of diamonds