Category Archives: Birthstone

Elizabeth Taylor’s Trust Sues Christie’s

Elizabeth Taylor’s estate is suing Christie’s, the auction house, over the $8.8 sale of the “TajMahal” diamond, a gift to the late actress from Richard Burton on her 40th birthday.

2

The TajMahal diamond was sold by Christie’s along with the rest of Taylor’s jewels and wardrobe in New York following her death in 2011. The collection, which was dubbed the “Crown Jewels of Hollywood,” broke all expectations and brought in $183.5 million to benefit the Elizabeth Taylor AIDS Foundation.

TajMahalPage

But the trustees of her estate have now filed a complaint alleging breach of contract. They claim the anonymous buyer of the TajMahal diamond returned it months after determining that it actually does not belong to the wife of a 17th century Mughal emperor.

According to the complaint auction house had only stated that the diamond was of Indian origin, but it still agreed to cancel the sale. Christie’s then requested that the estate return the proceeds of the sale.

Christie’s violated its own policies when it rescinded the sale, the trustee’s complaint states. “Despite facing no credible threat of legal liability, Christie’s nonetheless rescinded the sale of the diamond. In doing so, Christie’s not only deviated from its usual business practices and its own established policies, but it violated its obligations to the trust, all in an effort to appease the buyer.”

Taylor’s trustees claimed the auction house also refused to pass on $3 million from the sale of another gem called the Bulgari Ring.They said: “(Christie’s) failed to pay the trust the proceeds from the sale of the Bulgari ring in an attempt to strong arm the trust into returning the proceeds that the trust rightfully received from the sale of the TajMahal diamond.”

In a statement Christie’s said: “Christie’s was pleased to create a landmark auction event on behalf of the Elizabeth Taylor Trust that produced over $183.5 million in proceeds for the beneficiaries of the trust – the friends and family of Elizabeth Taylor.This suit stems from Christie’s seeking the return of a small portion of these proceeds due to the cancellation of a single item from that sale, and Christie’s looks forward to a speedy resolution of this matter.”

October Birthstones

October has two birthstones; Tourmaline which is a favourite gemstone for many because it’s available in a rainbow of beautiful colors and Opal which are truly unique as each gem is adorned with a one-of-a-kind color combination.

Opal

The name opal derives from the Greek Opallos, which means to see a change (of color).”  Opals range in color from milky white to black with flashes of yellow, orange, green, red, and blue. An opal’s beauty is the product of contrast between its color play and its background.

October birthstone 16

Through time and nature’s heating and moulding processes, the gel hardened into the form of opals. When these particles are closely packed in spherical arrangements and in regular pattern, a three-dimensional array of spaces are created that give opal its radiance.

It is used in rings, necklaces and diadems; the smaller specimens for mounting snuff-boxes, rings, etc. and is believed to have the power of strengthening the eye.

Tourmaline

Tourmaline, being available in a wide variety of colors, is one of the favourite gemstone among jewelry designer, and gem collectors over the world. It is ideally suited to almost anyone’s taste.

tourmaline_suite

Tourmaline is also known for displaying several colors in the same gemstone.  These bi-color or tri-color gems are formed in many combinations; gemstones with clear color distinctions are highly prized.

Tourmaline improves sleep; harmonize state of the endocrine and immune systems.

Black tourmaline is also indicated in the treatment of neurotic disorders. Green tourmaline restores nerves after stressful situations. Red tourmaline, especially rubellites, reduced metabolism, improve complexion, improve blood circulation and improves circulatory system. Watermelon tourmaline combines the properties and pink, and green of their fellows.