A diamond necklace with ties to French royalty has made headlines after selling for a staggering $4.8 million at Sotheby’s Geneva, far surpassing its pre-auction estimate of $2.8 million. The necklace, which features over 300 carats of diamonds believed to be from India’s legendary Golconda mines, attracted fierce competition among seven bidders before it was finally claimed.

Dating back over 240 years, the necklace is one of the most significant and well-preserved Georgian jewels still in private hands. Its royal provenance is suggested by its intricate craftsmanship, likely commissioned for an aristocratic figure in France or England during the ancient regime. Sotheby’s speculated that some of the diamonds might even be linked to the infamous "Affair of the Necklace," a scandal that played a part in the events leading to the French Revolution and the eventual execution of Marie Antoinette.

Having remained in an Asian collector’s possession for nearly 50 years, the necklace’s sale at Sotheby’s Royal and Noble Jewels auction on November 13 marks a historic moment in jewellery history. The winning bidder is now the owner of what is expected to be one of the most talked-about pieces of the year.