New York, NY – Christie`s fall Magnificent Jewels Sale will include several amazing diamonds.  The featured piece is the giant 32-carat Annenberg Diamond, which the auction house expects will sell for as much as $5 million.  This ring-mounted, flawless emerald-cut stone was owned by philanthropist Lee Annenberg, widow of the publishing mogul Walter Annenberg. 

Rahul Kadakia, Christie`s head of jewelry, has said that, "Gems of this size are extremely rare, and their presence on the market is always an important event in the world of diamonds.  The gem`s impeccable color, clarity, and polish, as well as its prestigious provenance will attract jewelry collectors from around the world."

Lee Annenberg died in March at age 91, having served as Chairman and President of the Annenberg Foundation after the death of her husband.  Walter Annenberg was a one-time Ambassador to Britain and Chief of Protocol during President Ronald Reagan`s first term.  He founded the Annenberg Foundation to fund non-profits, education, and the arts.

Prior to the sale at Christie`s Auction House, the diamond will go on tour, stopping in Geneva, Hong Kong, London, New York, and Los Angeles.  This will give international prospective buyers an opportunity to view this amazing diamond ring before they purchase it.  The Magnificent Jewels sale is scheduled for October 21. 

In times of economic downturn, smaller diamonds tend to sell less, but large stones, considered great investments, sell more.  In December, the 35.6-carat Wittelsbach blue diamond sold for a whopping $24.3 million, well beyond the expectations of the sellers.  The Annenberg Diamond may well do the same.