Fahmi Rizwansyah says
Bertahun-tahun lamanya, Bernard Madoff yang dikenal berprilaku manis dan tampak bisa dipercaya, menarik miliaran dolar AS baik dari dalam negeri AS maupun luar negeri untuk dikelolanya dalam lembaga investasi Bernard L. Madoff Investments Securities LLC.
Seperti sejumlah spekulan yang percaya naluri adalah segalanya dan kemudian berubah menjadi penipu seperti pelaku arisan berantai di Indonesia, Madoff menjanjikan banyak orang akan satu rumus kuno investasi; untung besar, risiko rendah.
Banyak investor yang kepincut dan 50 miliar dolar AS (Rp550 triliun) berhasil diraupnya lalu kemudian tiba-tiba raib tidak dapat ditarik ribuan investor yang diantaranya nama-nama beken seperti BNP Paribas, Kingate Global Fund, sutradara Steven Spielberg dan raja real estat Mort Zuckerman.
Para investor tertipu mentah-mentah, namun yang paling menyakitkan dari praktik curang Madoff ini, mengutip Der Spiegel (15/12), adalah tereksposnya kekeliruan fundamental dalam perekonomian global.
Seperti halnya para investor Madoff, dunia menyebut risiko dalam perekonomian AS rendah sehingga menjadi situs investasi menguntungkan, bahkan asumsi ini ada dalam benak pemimpin China komunis.
Keyakinan ini lalu menyelubungi keseluruhan struktur perdagangan dan keuangan global dalam sepuluh tahun terakhir, sampai kemudian krisis kredit perumahan yang menciptakan krisis keuangan global itu menunjukkan asumsi tersebut salah.
Sejak krisis ekonomi Asia 1997-1998, dunia beramai-ramai memompakan uang untuk membiayai defisit perdagangan AS yang terus membumbung dari tahun ke tahun
Investasi asing yang diserap AS dari seluruh dunia mencapai lima triliun dolar AS (Rp55 ribu triliun), namun ironisnya kebanyakan berinsentif lebih rendah dibanding misalnya suku bunga di negara asal penanam modal.
Bermurah hati
Tanpa aliran uang panas dari luar negeri ke dalam perekonomian AS, maka globalisasi pada tingkatnya sekarang mungkin tak akan pernah terjadi, sebut Mingguan Jerman, Der Spiegel (15/12).
AS adalah konsumen andalan semua jenis komoditas dunia, menyerap produk otomotif buatan Jerman dan Jepang, barang elektronik dari Taiwan dan Korea, sandang dan furnitur China.
Michael Mandel dari Der Spiegel beranalogi, warga AS menggamit laptop buatan Taiwan setelah menyicilnya dengan jaminan rumah yang sudah diagunkan ke bank.
Jika semua itu ditelusuri jejaknya, kata Mandel, maka akan diketahui bahwa uang asinglah yang telah menghidupi orang Amerika.
Tapi ada misteri mengapa uang asing demikian mudah mengaliri kantong ekonomi AS. Apa yang membuat investor asing rela meminjami Amerika dengan modal demikian banyak hanya karena janji untung para pengelola dana yang terbukti banyak membual itu?
Para ekonom dan wartawan ramai mengajukan satu hipotesis ke hipotesis lain tanpa pernah bersepakat mengenai apa yang sebenarnya menyebabkan semua itu terjadi.
Namun, sekarang agaknya waktu tepat untuk menjelaskan mengapa orang-orang seperti Bernard Madoff begitu mudah menipu. Mari lihat apa yang terjadi di Amerika sana.
Para penghuni Wall Street --dari pemodal kakap seperti Lehman Brothers sampai pialang kelas teri seperti Bernard Madoff-- membujuk pemodal asing menanamkan modal di AS dengan alasan perekonomian negeri ini paling aman di dunia sehingga investasi apapun bakal menguntungkan.
Ternyata, demikian Mandel lagi, semua itu bohong belaka. Madoff benar-benar sudah menjadi penipu layaknya pelaku arisan berantai di Indonesia yang membuat ribuan ibu-ibu lemas tanpa daya tertipu keuntungan kilat tanpa menilik risikonya.
Madoff dituduh mengoperasikan satu skema investasi abal-abal yang mengakibatkan rugi miliaran dolar AS di seluruh dunia, termasuk empat miliar dolar AS di Swiss dan tiga miliar dolar AS di Spanyol.
Derivatif
Tentu, pelakunya bukan hanya Madoff. Masa keemasan Wall Street sebelum ini dibangun di atas skema menjual cerita "risiko rendah, untung banyak" pada pemodal asing, termasuk mungkin investor Indonesia.
Fakta yang terjadi kini di AS adalah kebanyakan inovasi keuangan yang dibuat belakangan ini adalah justru mencari investasi aman untuk pemodal asing. Jadi, para pemilik modal seluruh dunia kecele.
Alih-alih mencari aman, yang diperoleh investor malah satu tempat yang sedang mencari cara aman berinvestasi.
Tapi fakta seperti ini dikaburkan oleh gambaran tumbuh besarnya volume transaksi berjangka (derivatif) valuta sehingga pemilik modal seluruh dunia merasa investasinya terlindung dari risiko fluktuasi mata uang karena modalnya memang didenominasikan dalam dolar AS.
Masalahnya, risiko investasi kian terkuak, namun sebelum investor asing menyadarinya, maka AS berinovasi memperbesar eksposur transaksi derivatif untuk konversi kredit gagal bayar (CDS, credit default swap).
Langkah itu ditempuh untuk melindungi investor asing agar tidak bermasalah dengan negara asal investor, terutama China, Jepang, Uni Eropa, Arab dan Asia belahan timur.
Surat utang-surat utang kolateral itu lalu dibagi AS dalam dua model; obligasi risiko tinggi dan obligasi risiko rendah. Model obligasi terakhir kemudian dilego di luar negeri.
Tatkala obligasi risiko rendah yang digantungi iming-iming untung tinggi ini ditawarkan ke pasar-pasar atraktif seluruh dunia, diantaranya Hongkong, Dubai, Shanghai atau Singapura, para investor langsung kepincut.
Dalam bayangan mereka, kapan lagi menambatkan investasinya secara aman sekaligus menguntungkan.
Tak heran jika Lehman Brothers yang menawari obligasi risiko rendah yang dinamai "mini bonds" senilai dua miliar dolar AS (Rp22 triliun) ke para investor Hongkong yang diantaranya para pensiunan, serta merta obligasi itu dilahap dengan ganas bagai piranha menggasak mangsanya.
Namun ketika Lehman jatuh bangkrut, para investor Hongkong ikut bangkrut, lebih sengsara dibanding PHK pegawai Lehman. Sebagian diantaranya mendadak linglung, depresi, bahkan gila.
Ternyata, demikian Mandel, iming-iming risiko rendah dan untung besar itu isapan jempol semata, setidaknya jika melihat dua alasan berikut.
Alasan pertama adalah asumsi bahwa perekonomian AS dikenal unggul dalam inovasi. Masalahnya, inovasi perekonomian AS tergantung pada pengembangan teknologi yang umumnya kegiatan-kegiatan bisnis berisiko tinggi.
Jenis inovasi seperti ini memang menguntungkan, tetapi juga sering merugikan. Jika menguntungkan, tentu mendorong perekonomian seperti terjadi selama paruh kedua dekade 1990an.
Tapi inovasi dalam beberapa tahun belakangan banyak yang jalan di tempat. Bioteknologi dan nanoteknologi misalnya, buahnya belum memuaskan. Begitu pula energi alternatif yang tersendat dan setengah hati didalami otoritas AS.
Akibatnya, perekonomian AS ambruk lebih cepat dari perkiraan, tak lagi menggendong untung di punggung, tapi malah semakin dibebani tumpukan utang.
Alasan kedua bahwa iming-iming risiko rendah insentif tinggi itu tidak lebih dari karangan, adalah miskinnya pengaturan transaksi modal.
Nah, soal terakhir ini yang menjadi penyebab utama Madoff berlaku curang yang kini menyayat kredibilitas regulator seperti Securities and Exchange Commission atau SEC (Bapepam-nya Amerika).
"Jika lembaga-lembaga pengelola dana, institusi-institusi keuangan dan orang-orang super kaya begitu mudah diperdaya, maka Madoff sangat mungkin bisa mengakali SEC," kata Carl Loewenson, pengacara pada Firma Hukum Morrison & Foerster, New York seperti dikutip Reuters (16/12).
Tidak rumit
Carl mungkin ada benarnya mengingat skema investasi Madoff bukan model sekuritisasi yang rumit, jika orang mau mereferensi model-model mutakhir transaksi derivatif.
Model investasi Madoff sebenarnya sama dengan Skema Ponzi yang kuno itu sehingga seharusnya mudah dideteksi dan diawasi lembaga pengawas pasar modal.
Skema Ponzi dikembangkan Charles Ponzi pada pertengahan abad lalu dengan menarik dana dari sebanyak mungkin nasabah dengan janji keuntungan berlipat dalam waktu singkat.
Skema ini dianggap penipuan sehingga terlarang di AS. Anehnya, Madoff memakai skema itu di masa kini yang pola sekuritisasi assetnya berkembang demikian canggih.
Madoff bahkan mempraktikannya di depan batang hidung SEC yang dikenal sebagai salah satu lembaga supervisi keuangan sangat kredibel di AS.
Keadaan semakin aneh manakala, Harry Markopolos yang menjadi rival bisnis Madoff, telah meneliti strategi opsi saham yang diadopsi Madoff dan terang-terangan menyimpulkan strategi itu akal-akalan saja.
Dalam sembilan tahun terakhir, Markopolos rutin mengirimkan laporan kecurangan Madoff ke kantor SEC di New York dan Boston, namun sampai kedok Madoff terbuka pun, SEC enggan berkalimat kendati itu dinanti masyarakat banyak.
Kritik pun muncul, bahkan September lalu, Inspektur Jendral SEC menyebut SEC gagal meraba praktik bisnis tidak jujur dari bank pengelola kredit KPR, Bear Stearns, yang menyalahi batas ketentuan risiko kredit (semacam batas penyaluran kredit atau jumlah kredit bermasalah atau NPL di Indonesia).
Bahkan saat tanda-tanda ketidakberesan Bear Stearns semakin jelas saat JP Morgan Chase & Co mengakuisisinya Maret lalu pun, SEC gagal mengingatkan bank itu untuk patuh pada batas risiko kreditnya.
Sebenarnya, Departemen Keuangan AS telah menerbitkan rangkaian rekomendasi untuk mengefektifkan sistem regulasi industri dan sektor jasa keuangan yang membuat otoritas keuangan AS berhak mengawasi para pialang dan penyalur kredit KPR, juga transkasi CDS.
Depkeu juga merekomendasikan langkah bersama SEC dan Komisi Perdagangan Komoditas Berjangka, serta menggabungkan dua lembaga pengawas perbankan dalam rangka mendisiplinkan sistem perbankan.
Semua itu ditempuh agar praktik bisnis liar dan mengabaikan keselamatan sistem keuangan ditekan serendah-rendahnya sehingga orang-orang seperti Bernie Mandoff tidak bisa seenaknya menipu investor.
Akhirnya, mengutip Der Speigel, globalisasi tidak boleh lagi terjadi seperti sekarang di mana risiko-risiko bisnis diabaikan. Kemakmuran ekonomi tergantung pada berhasil tidaknya sistem perekonomian berinovasi, bukan pada bagaimana investor seluruh dunia diiming-imingi realitas palsu. (*)
by A. Jafar M. Sidik (Antara News)
Sumber: Der Spiegel (15/12) dan Reuters (16/12)
Cheers, frizzy2008.
Bisphenol A, what is it about?
Fahmi Rizwansyah says:
By Miranda Hitti
WebMD Feature
Reviewed by Louise Chang, MD
What is bisphenol A?
Bisphenol A, also called BPA, is a chemical found in polycarbonate plastic and epoxy resins.
Polycarbonate plastics are used in certain food and drink packaging (including some water bottles and baby bottles) and also in compact discs, computers, impact-resistant safety equipment (such as helmets and goggles), and medical devices.
Epoxy resins line metal products such as canned foods, bottle tops, dental composites and sealants, and water supply pipes.
Is bisphenol A safe?
That's a controversial question.
An FDA draft report issued in August 2008 says bisphenol A is safe at typical exposure levels from food and drink. But another government report, from the National Toxicology Program, doesn't rule out safety risks and notes "some concern" about effects on the brain, prostate gland, and behavior in fetuses, infants, and children.
The NTP's report, issued in September 2008, also notes "minimal concern" about effects on the mammary gland, early female puberty, and reproductive effects in adults who work with bisphenol A, and "negligible concern" about fetal or neonatal death, birth defects, reduced birth weight or grown in babies born to women exposed to bisphenol A during pregnancy, and reproductive effects in adults who don't work with bisphenol A.
The American Chemistry Council, a trade group for the plastics industry, says bisphenol A is safe for typical consumer uses.
What does the research say about bisphenol A?
A study published in the Sept. 17, 2008 edition of The Journal of the American Medical Association shows that adults with high levels of bisphenol A in their urine samples are more than twice as likely to report a history of heart disease or diabetes, compared to adults with low urinary levels of bisphenol A.
That study was the first to show an association between higher urinary levels of BPA and health problems in human adults. But it doesn't prove that bisphenol A causes heart disease or diabetes, and the researchers caution that their findings need to be confirmed.
Much of the other bisphenol A safety research has been done on rodents, which handle bisphenol A differently from humans. In those rodent studies, the greatest risk has been seen in developing fetuses and infants.
How are people exposed to bisphenol A?
Mostly through food and drink packaged in containers that include bisphenol A.
Bisphenol A can leach into food from food and beverage containers lined with epoxy resin coatings and from products such as polycarbonate tableware, food containers, water bottles, and baby bottles.
Does heating polycarbonate products or cleaning them in a dishwasher increase leaching of bisphenol A?
Yes, but not enough for concern, according to the American Chemistry Council. "Although the level increases slightly, it's still far below the science-based safety standard by at least a factor of 100 or so," says Steven Hentges, PhD, of the council's Polycarbonate/BPA Global Group.
But that, too, is controversial. In January 2008, a University of Cincinnati researcher who studied polycarbonate plastic exposed to boiling liquid told WebMD that while there is little direct evidence that bisphenol A poses a risk to humans, he sees "clear reason to proceed cautiously."
Who is exposed to bisphenol A?
Just about everybody. Nearly 93% of Americans age 6 and older who took part in a CDC health study in 2003-2004 had detectable levels of bisphenol A in their urine samples.
How can I avoid bisphenol A?
Here are tips posted on the web site of the National Institute of Environmental Health Sciences, a branch of the National Institutes of Health:
* Don't microwave polycarbonate plastic food containers. Polycarbonate plastic is strong and durable, but over time it may break down from use at high temperatures.
* Reduce your use of canned foods.
* When possible, opt for glass, porcelain, or stainless steel containers, particularly for hot food or liquids.
* Use baby bottles that are free of bisphenol A.
The FDA hasn't advised anyone to avoid or reduce their exposure to bisphenol A, and the American Chemistry Council says there's no reason to do so.
Totally avoiding bisphenol A isn't a reasonable goal because it's so widespread, notes David Schardt, MS, senior nutritionist at the Center for Science in the Public Interest (CSPI).
"You can't drive yourself crazy trying to eliminate every speck," says Schardt. "It's not going to happen." Schardt sees the biggest priority as limiting exposure in small children. He suggests using cardboard cartons of milk, for instance, and baby bottles or sippy cups that don't contain bisphenol A.
Other alternatives include glass bottles, but of course, those aren't shatter-resistant like polycarbonate plastic.
Are products made from bisphenol A marked as containing bisphenol A?
No. Some plastic products have labels saying that they are free of bisphenol A, but there are no required labels for products that contain bisphenol A.
Do plastic containers with "7" within the "chasing arrows" all contain bisphenol A?
No. The numbers in those "chasing arrow" symbols on the bottom of some plastic products are only about recycling.
The numbers 1-6 in the chasing arrows aren't supposed to be polycarbonate plastic, so they shouldn't contain bisphenol A. But the number 7 isn't just for polycarbonates; it's a catch-all category of plastics, and not all polycarbonate plastics have the "7" on them, notes Schardt.
Cheers, frizzy2008.
By Miranda Hitti
WebMD Feature
Reviewed by Louise Chang, MD
What is bisphenol A?
Bisphenol A, also called BPA, is a chemical found in polycarbonate plastic and epoxy resins.
Polycarbonate plastics are used in certain food and drink packaging (including some water bottles and baby bottles) and also in compact discs, computers, impact-resistant safety equipment (such as helmets and goggles), and medical devices.
Epoxy resins line metal products such as canned foods, bottle tops, dental composites and sealants, and water supply pipes.
Is bisphenol A safe?
That's a controversial question.
An FDA draft report issued in August 2008 says bisphenol A is safe at typical exposure levels from food and drink. But another government report, from the National Toxicology Program, doesn't rule out safety risks and notes "some concern" about effects on the brain, prostate gland, and behavior in fetuses, infants, and children.
The NTP's report, issued in September 2008, also notes "minimal concern" about effects on the mammary gland, early female puberty, and reproductive effects in adults who work with bisphenol A, and "negligible concern" about fetal or neonatal death, birth defects, reduced birth weight or grown in babies born to women exposed to bisphenol A during pregnancy, and reproductive effects in adults who don't work with bisphenol A.
The American Chemistry Council, a trade group for the plastics industry, says bisphenol A is safe for typical consumer uses.
What does the research say about bisphenol A?
A study published in the Sept. 17, 2008 edition of The Journal of the American Medical Association shows that adults with high levels of bisphenol A in their urine samples are more than twice as likely to report a history of heart disease or diabetes, compared to adults with low urinary levels of bisphenol A.
That study was the first to show an association between higher urinary levels of BPA and health problems in human adults. But it doesn't prove that bisphenol A causes heart disease or diabetes, and the researchers caution that their findings need to be confirmed.
Much of the other bisphenol A safety research has been done on rodents, which handle bisphenol A differently from humans. In those rodent studies, the greatest risk has been seen in developing fetuses and infants.
How are people exposed to bisphenol A?
Mostly through food and drink packaged in containers that include bisphenol A.
Bisphenol A can leach into food from food and beverage containers lined with epoxy resin coatings and from products such as polycarbonate tableware, food containers, water bottles, and baby bottles.
Does heating polycarbonate products or cleaning them in a dishwasher increase leaching of bisphenol A?
Yes, but not enough for concern, according to the American Chemistry Council. "Although the level increases slightly, it's still far below the science-based safety standard by at least a factor of 100 or so," says Steven Hentges, PhD, of the council's Polycarbonate/BPA Global Group.
But that, too, is controversial. In January 2008, a University of Cincinnati researcher who studied polycarbonate plastic exposed to boiling liquid told WebMD that while there is little direct evidence that bisphenol A poses a risk to humans, he sees "clear reason to proceed cautiously."
Who is exposed to bisphenol A?
Just about everybody. Nearly 93% of Americans age 6 and older who took part in a CDC health study in 2003-2004 had detectable levels of bisphenol A in their urine samples.
How can I avoid bisphenol A?
Here are tips posted on the web site of the National Institute of Environmental Health Sciences, a branch of the National Institutes of Health:
* Don't microwave polycarbonate plastic food containers. Polycarbonate plastic is strong and durable, but over time it may break down from use at high temperatures.
* Reduce your use of canned foods.
* When possible, opt for glass, porcelain, or stainless steel containers, particularly for hot food or liquids.
* Use baby bottles that are free of bisphenol A.
The FDA hasn't advised anyone to avoid or reduce their exposure to bisphenol A, and the American Chemistry Council says there's no reason to do so.
Totally avoiding bisphenol A isn't a reasonable goal because it's so widespread, notes David Schardt, MS, senior nutritionist at the Center for Science in the Public Interest (CSPI).
"You can't drive yourself crazy trying to eliminate every speck," says Schardt. "It's not going to happen." Schardt sees the biggest priority as limiting exposure in small children. He suggests using cardboard cartons of milk, for instance, and baby bottles or sippy cups that don't contain bisphenol A.
Other alternatives include glass bottles, but of course, those aren't shatter-resistant like polycarbonate plastic.
Are products made from bisphenol A marked as containing bisphenol A?
No. Some plastic products have labels saying that they are free of bisphenol A, but there are no required labels for products that contain bisphenol A.
Do plastic containers with "7" within the "chasing arrows" all contain bisphenol A?
No. The numbers in those "chasing arrow" symbols on the bottom of some plastic products are only about recycling.
The numbers 1-6 in the chasing arrows aren't supposed to be polycarbonate plastic, so they shouldn't contain bisphenol A. But the number 7 isn't just for polycarbonates; it's a catch-all category of plastics, and not all polycarbonate plastics have the "7" on them, notes Schardt.
Cheers, frizzy2008.
Selamat buat Depag dan Depkes RI...Guys, please dong ah!
CFahmi Rizwansyah says:
Pemerintah melalui Menteri Keuangan meminta 4.127 rekening sejumlah Kementerian dan Lembaga (K/L) senilai Rp 1,17 triliun dan US$ 9,3 juta dibekukan. Rekening yang berada di sejumlah perbankan itu dianggap tidak sesuai dengan aturan atau dinamakan rekening liar.
Demikian disampaikan Irjen Depkeu Hekinus Manao ketika ditemui di Gedung MPR/DPR, Jakarta, Kamis (18/12/2008).
"Menkeu sebagai Bendahara Umum negara telah meminta hal ini pada tanggal 16 Desember lalu. Rekening ini akan terus dibekukan, kalau lewat satu bulan dan tidak ada pemiliknya yang protes, maka rekening itu akan ditutup. Dan uangnya masuk ke kas negara," katanya.
Selain pembekuan rekening, Hekinus juga mengatakan Depkeu meminta sejumlah Dirjen di 57 kementerian dan lembaga untuk menyelidiki 4.085 rekening senilai Rp 1,32 triliun dan US$ 10,28 juta.
"Depkeu meminta mereka menyelidiki mengenai keabsahan rekening tersebut." ujarnya.
Hekinus mengatakan, dari 4.085 rekening yang minta diselidiki tersebut, paling banyak terdapat di Departemen Agama. Jumlahnya mencapai 479 rekening dengan nilai Rp 32,4 miliar.
"Tapi kalau dari segi jumlah yang paling banyak Departemen Kesehatan. Jumlah rekeningnya 37, tapi nilainya Rp 480,4 miliar," katanya.
by detik.com
Cheers, frizzy2008.
Pemerintah melalui Menteri Keuangan meminta 4.127 rekening sejumlah Kementerian dan Lembaga (K/L) senilai Rp 1,17 triliun dan US$ 9,3 juta dibekukan. Rekening yang berada di sejumlah perbankan itu dianggap tidak sesuai dengan aturan atau dinamakan rekening liar.
Demikian disampaikan Irjen Depkeu Hekinus Manao ketika ditemui di Gedung MPR/DPR, Jakarta, Kamis (18/12/2008).
"Menkeu sebagai Bendahara Umum negara telah meminta hal ini pada tanggal 16 Desember lalu. Rekening ini akan terus dibekukan, kalau lewat satu bulan dan tidak ada pemiliknya yang protes, maka rekening itu akan ditutup. Dan uangnya masuk ke kas negara," katanya.
Selain pembekuan rekening, Hekinus juga mengatakan Depkeu meminta sejumlah Dirjen di 57 kementerian dan lembaga untuk menyelidiki 4.085 rekening senilai Rp 1,32 triliun dan US$ 10,28 juta.
"Depkeu meminta mereka menyelidiki mengenai keabsahan rekening tersebut." ujarnya.
Hekinus mengatakan, dari 4.085 rekening yang minta diselidiki tersebut, paling banyak terdapat di Departemen Agama. Jumlahnya mencapai 479 rekening dengan nilai Rp 32,4 miliar.
"Tapi kalau dari segi jumlah yang paling banyak Departemen Kesehatan. Jumlah rekeningnya 37, tapi nilainya Rp 480,4 miliar," katanya.
by detik.com
Cheers, frizzy2008.
THE WITTELSBACH DIAMOND
Fahmi Rizwansyah says:
© Press Release by: CHRISTIE'S LTD.2008
Christie’s are privileged to present the Wittelsbach diamond (estimate upon request), an extremely rare 35.56 carat, historic 17th century fancy deep greyish-blue diamond, to the international market for the first time in almost 80 years, on Wednesday 10 December 2008. Known as ‘’Der Blaue Wittelsbacher’’ since 1722, it is one of very few diamonds which can claim 17th century heritage, incredible rarity and exceptional beauty. Upon the engagement of the Infanta Margarita Teresa (1651-1673), who is illustrated in both paintings by Velazquez above, to Leopold I of Austria (1640-1705), who later became Holy Roman Emperor, her father King Philip IV of Spain (1605-1665) selected, in 1664, the diamond as part of her dowry. Subsequently, it entered the Austrian and then the Bavarian Crown jewels. This extraordinary diamond is offered for sale from a private collection, where it has been since 1964.
Gemological Certification
The Wittelsbach diamond is accompanied by a certificate from the Gemological Institute of America dated September 24th, 2008, indicating that the diamond is fancy deep greyish-blue, VS2 clarity.
Coloured diamonds
The diamond market as a whole, like the international jewellery market, continues to be strong. The level of demand for coloured diamonds is high, with a 13.39 carat fancy intense blue diamond fetching $8.9 million, a world auction record, at Christie’s Geneva in May 2008; though no examples to date are comparable with the Wittelsbach diamond being offered at Christie’s London. Blue diamonds are rare and to offer a blue diamond of this size, quality, shape and provenance is truly extraordinary. In the mid-1980s the Christie’s sale of a 0.95 carat red diamond for $850,000 marked the start of true appreciation of coloured diamonds and, today, their great rarity makes them the most desirable of all.
Royal Provenance
King Philip IV of Spain (1605-1665) is known to have selected only the very finest gemstones for the dowry of his fifteen year old daughter, the Infanta Margarita Teresa (1651-1673), upon her betrothal. This included the exceptionally rare 35.56 carat greyish-blue blue diamond originating from the famous Indian diamond mines. Upon the Princess’s untimely death in 1673 her husband, Emperor Leopold I of Austria (1640-1705) retained the dowry and the diamond was passed on to his heirs.
In 1722 the diamond entered the Wittelsbach family, on the occasion of the marriage of Archduchess Maria Amalia of Austria (1701-1756) to the Bavarian Crown Prince, Charles Albert (1697-1745), and became a prized family possession. It was worn by successive rulers in both the Order of the Golden Fleece and the Bavarian Royal Crown until the abdication of King Ludwig III (1845-1921) in 1918. For full chronology of the Wittelsbach diamond please refer to Notes to Editors.
India: The Source for many of the World’s Greatest Diamonds
Diamonds were discovered during the 4th century B.C. in India, which remained their only source until 1723. Being greatly prized for their size and beauty, they were mined largely in the State of Hyderabad and sent to their principle sorting centre, Golconda, hence the name of many of these special gemstones. Blue diamonds were also mined in the State of Bihar; the fourth Mogul Emperor, Jahangir (1569-1627), stated in his memoirs that ‘diamonds from this place are of a variety and beauty above all other kinds of diamonds,’ he particularly mentions a large blue piece of diamond which, unlike today, was not considered to be as valuable as a colourless gem. Perhaps this is the extraordinary diamond which later became the Wittlesbach. The largest and most famous blue diamond in the world is the “Hope Diamond”, a 45-carat deep blue stone, formerly from the French Crown Jewels and now in the Smithsonian Institute, Washington DC.
Historic Royal Diamonds
Until 1723, all diamonds worn by European Royalty came from India. Today, only very few survive and can be traced back to their original owners. Among the most famous are the “Koh-I-Noor” now in the British Crown Jewels, the “Régent” at the Louvre Museum, Paris and the “Orlov Diamond” in the Kremlin. The appearance of the Wittelsbach at auction is a landmark event, as it encapsulates all that one looks for in a gemstone or indeed a work of art: history, Royal provenance, exceptional beauty and original condition.
Christie’s and Royal Collections
Since 1766, Christie’s has been synonymous with auctions of Royal and aristocratic collections. From the sale of Madame du Barry’s jewels in 1795, to that of the Russian Crown Jewels in 1927, and more recently the Private Collection of H.R.H. The Princess Margaret in 2006, these events have created worldwide interest and are remembered as legendary moments in auction history. In April 2008, the Louvre Museum was able to acquire the Empress Eugénie Diamond Brooch, through Christie’s, thereby allowing its return to the French Crown Jewels.
Three Hundred Years of History (1664-1964)
1664 - King Philip IV of Spain formed a collection of the finest gems for the dowry of his daughter, Infanta Margarita Teresa, when she married Leopold I of Austria (who later became Holy Roman Emperor) in 1667. This included the 35 carat blue diamond.
1673 - The jewels were recorded in an inventory of the Austrian Crown Jewels dated 13 March 1673.
1705 - Leopold I bequeathed the blue diamond to his third wife, Empress Eleonore Magdalena.
1720 - Archduchess Maria Amalia inherited the blue diamond from her grandmother, the Empress Eleonore Magdalena.
1722 - The diamond entered the House of Wittelsbach after the marriage of Archduchess Maria Amalia to the Bavarian Crown Prince, Charles Albert. The diamond then became known as ‘Der Blaue Wittelsbacher’.
1745 - The Wittelsbach was first mounted within the insignia of the Order of the Golden Fleece. The diamond was handed down through successive Bavarian rulers.
1806 - Maximilian IV Joseph von Wittelsbach became the first King of Bavaria and commissioned a royal crown prominently displaying the blue diamond.
1921 - After the proclamation of the German Republic in 1918, the Wittelsbach made its last State appearance.
1931 - Christie’s offered for sale important jewellery from the Bavarian Crown Jewels, which included the Wittelsbach.
1964 - The diamond was purchased by a private collector, in whose family it remained until the present day, being offered for sale in Christie’s upcoming December 2008 sale Jewels: The London Sale.
Cheers, frizzy2008.
Natural Gemstones How to...
Fahmi Rizwansyah says:
The aesthetic appeal, magic and mystery have lured mankind since ages. Different cultures across the world have lore and beliefs associated to colored gemstones. In this day and age, natural gemstones are more of a fashion accessory, though the mystical symbolism remains.
What are natural gemstones
A gemstone is defined as a mineral or petrified material that when cut and polished, can be used in jewelry. It is a mineral that is valuable, rare and often beautiful.
Minerals were forged beneath the surface of the earth over millions of years through the forces of heat and pressure, resulting in a distinct crystal form with an orderly pattern of atoms. This internal arrangement determines a mineral’s chemical and physical properties, including its color. Crystals are not necessarily formed only in rocks or beneath the surface of the earth; they are also formed within plants and animals. Such gemstones are called Organic gemstones (coral, amber etc.). Every mineral originates as a small crystal and “grows" as more atoms are added. A particular gem or mineral can be a variety of different colors, depending on impurities, also known as inclusions, in its atomic structure. Quartz, for example, is normally colorless, but occurs in a range of colors from pink to brown to the deep purple of amethyst, depending on the amount and type of impurities in its structure.
Gemstones are precious because the extreme climatic conditions and the nurturing inside earth’s womb for millions of years, are not just rare conditions but almost impossible to occur again. And this is the reason that the importance of gemstones is much beyond the obvious aesthetic appeal.
Of almost 4,000 different types of minerals found on earth, fewer than 100 are considered beauteous or durable enough to be used as gemstones. Of those, only around 20 are commonly used in jewelry. The traditionally included category of most valuable gemstones is emerald, ruby, sapphire and pearl. Because of their aesthetic appeal and glorious history, these gemstones are more valuable than other colored gemstones. Finest quality emeralds and rubies can sometimes be more valuable than diamonds of comparable size.
Gemstones are classified into different varieties, species and groups. For instance, ruby (gemstone) is the red variety of the species corundum (mineral) that belongs to the hematite (crystal) group. Varieties of the mineral beryl include emerald (green), aquamarine (blue), heliodor (yellow), bixbite (red), goshenite (colorless) and morganite (pink).
Gemstone treatments or enhancements refer to the way some gems are treated to improve their aesthetic appeal or durability, or even change their color. Almost all gemstones are treated in some or the other way. Most of these treatments are permanent in nature and an accepted norm in the industry. Treatments do not affect a gemstone’s value.
Seeking quality
Akin diamonds, gemstones are judged by the "Four Cs" of color, clarity, cut and carat weight, with color being the most important consideration, by far. As a general rule for all gemstones, the better the color, the higher the value; better clarity and better cut are also valued more - and generally, the larger the stone, the more it will cost per carat. Even to an untrained novice eye, many of these types of differences can be seen when similar stones are examined side-by-side.
Other factors that may influence the price of a gemstone include whether it is available readily or is rare in existence; whether it is a rare fancy shape or a calibrated size; and sometimes the origin of the gem. For instance, sapphires from Kashmir or rubies from Burma command a higher price than their equivalents from other origins.
by Rajesh Kumar is a writer for gemstones and jewelry working with www.angara.com.
Cheers, frizzy2008.
The aesthetic appeal, magic and mystery have lured mankind since ages. Different cultures across the world have lore and beliefs associated to colored gemstones. In this day and age, natural gemstones are more of a fashion accessory, though the mystical symbolism remains.
What are natural gemstones
A gemstone is defined as a mineral or petrified material that when cut and polished, can be used in jewelry. It is a mineral that is valuable, rare and often beautiful.
Minerals were forged beneath the surface of the earth over millions of years through the forces of heat and pressure, resulting in a distinct crystal form with an orderly pattern of atoms. This internal arrangement determines a mineral’s chemical and physical properties, including its color. Crystals are not necessarily formed only in rocks or beneath the surface of the earth; they are also formed within plants and animals. Such gemstones are called Organic gemstones (coral, amber etc.). Every mineral originates as a small crystal and “grows" as more atoms are added. A particular gem or mineral can be a variety of different colors, depending on impurities, also known as inclusions, in its atomic structure. Quartz, for example, is normally colorless, but occurs in a range of colors from pink to brown to the deep purple of amethyst, depending on the amount and type of impurities in its structure.
Gemstones are precious because the extreme climatic conditions and the nurturing inside earth’s womb for millions of years, are not just rare conditions but almost impossible to occur again. And this is the reason that the importance of gemstones is much beyond the obvious aesthetic appeal.
Of almost 4,000 different types of minerals found on earth, fewer than 100 are considered beauteous or durable enough to be used as gemstones. Of those, only around 20 are commonly used in jewelry. The traditionally included category of most valuable gemstones is emerald, ruby, sapphire and pearl. Because of their aesthetic appeal and glorious history, these gemstones are more valuable than other colored gemstones. Finest quality emeralds and rubies can sometimes be more valuable than diamonds of comparable size.
Gemstones are classified into different varieties, species and groups. For instance, ruby (gemstone) is the red variety of the species corundum (mineral) that belongs to the hematite (crystal) group. Varieties of the mineral beryl include emerald (green), aquamarine (blue), heliodor (yellow), bixbite (red), goshenite (colorless) and morganite (pink).
Gemstone treatments or enhancements refer to the way some gems are treated to improve their aesthetic appeal or durability, or even change their color. Almost all gemstones are treated in some or the other way. Most of these treatments are permanent in nature and an accepted norm in the industry. Treatments do not affect a gemstone’s value.
Seeking quality
Akin diamonds, gemstones are judged by the "Four Cs" of color, clarity, cut and carat weight, with color being the most important consideration, by far. As a general rule for all gemstones, the better the color, the higher the value; better clarity and better cut are also valued more - and generally, the larger the stone, the more it will cost per carat. Even to an untrained novice eye, many of these types of differences can be seen when similar stones are examined side-by-side.
Other factors that may influence the price of a gemstone include whether it is available readily or is rare in existence; whether it is a rare fancy shape or a calibrated size; and sometimes the origin of the gem. For instance, sapphires from Kashmir or rubies from Burma command a higher price than their equivalents from other origins.
by Rajesh Kumar is a writer for gemstones and jewelry working with www.angara.com.
Cheers, frizzy2008.
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