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Can we justify luxury in today’s world?

The "Sun Drop" is the world's biggest yellow diamond Keystone

On Tuesday the "Sun Drop" yellow diamond was sold at auction in Geneva for the record sum of SFr11.28 million ($12.36 million).

The sale shows that while some countries are facing bankruptcy, occupations are taking place in protest at the global financial system and firms are laying people off, luxury continues to fascinate and find takers. Is this normal, disturbing, disgraceful? What is your reaction?

The diamond auctioned by Sotheby’s is the largest yellow diamond in the world.

It was discovered last year in South Africa.

Shaped like a pear, it weighs 110.03 carats and has the highest colour grading possible for a diamond.

It was sold by New York diamond firm Cora International. 

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Yellow diamond fetches SFr11.28 million at auction

This content was published on The pear-shaped diamond was sold by New York-based company Cora International, which discovered the rare jewel in South Africa last year. It was bought by a telephone bidder. The diamond’s value had been estimated at $11 million to $15 million. It was displayed on an international tour before going under the hammer. Gemologists rate the 110.3…

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Wealth gap could provoke a social explosion

This content was published on Mäder, who teaches at Basel University and last year published a study entitled “How the Rich Think and Live”, tells swissinfo.ch that there could be a social explosion unless things change. Low wages need to be raised and the social insurance system modernised to help make society fairer again, he says. Mäder has been studying…

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Swiss Indignados take to streets

This content was published on Peaceful Wall Street-style protests were also held in Geneva, Basel and Bern, as well as in hundreds of cities around the world as part of a day of action protesting against capitalism and austerity measures. “I’m here as I want to tell the banks and those in power that things have to change,” said Angelo…

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Rich set to pay more tax

This content was published on The move comes amid attacks against lump-sum taxation which have notably led to canton Zurich abolishing the practice in a public vote in 2009 and some cantons increasing their levies. Lump-sum taxes have been a feature in Switzerland since 1920, allowing cantons to ignore the wealth and income of wealthy foreign residents as long as…

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