HUGE DIAMOND ON L.A. TOUR TO TEMPT STARS.

Byline: Dana Bartholomew and Barbara De Witt Staff Writers

Diamonds may be forever, but big stones can bring eternal life to their owners.

That was the spiel of a Phoenix diamond dealer in Los Angeles on Friday hoping to peddle a 76.5-carat, $27.3 million Archduke Joseph Diamond necklace to the stars.

``We came here to sell this to the A-list of stars,'' said Alfredo Molina, founder of Molina Fine Jewelers of Phoenix, in the Presidential Suite of the St. Regis Hotel in Century City. Near him stood his brilliant pet rock and necklace, a statuesque model on which to hang it, a burly bodyguard and a public relations guru.

``It has a magical power,'' he said. ``When they purchase it, they will become immortal. It's like owning the Hope Diamond; you become part of history.''

The diamond, once owned by royalty, is billed as the 12th-largest historic white diamond in the world. Where such diamonds once were discretely traded from velvet cloths in back rooms, Molina has taken it to television like it was a QVC special of the week.

Natalie Cole wore it on the ``Tonight Show with Jay Leno''; Larry King's latest wife wore it on his show; and Sarah Ferguson wore it on the KTLA-TV (Channel 5) News, where she told viewers Thursday morning that it was up for $25 million. (That's just the rock, sans necklace.)

Los Angeles gem dealers were less than dazzled with the interloper from Arizona. The buzz among some of the world's most famous jewelers is that Molina is a maverick jeweler who wants to replicate the reputation of the legendary Harry Winston.

``Yes, I've heard of Molina, but, no, we don't do business with him. All our jewelry is made in Paris,'' said Patricia Didier, a saleswoman at Cartier in Beverly Hills.

``I'm unfamiliar with the Archduke Joseph Diamond, but that doesn't mean it doesn't exist,'' said Joelle Boxenbaum, manager of the exclusive Fred jewelry store in Beverly Hills.

Colleen Caslin of Asprey and Garrard, the British jewelers who provided the hefty sapphire for ``Titanic'' and often lend jewels for Oscar's red carpet, suggested that stones of this size are usually sold through the major auction houses, such as Christie's or Sotheby's.

Molina is unfazed by such talk. He's got a celebrity clientele, he said, and a rich and influential movie star couple willing to look at his jewel.

``These diamonds normally don't change hands,'' he said. ``For a commoner to own one of these stones is extremely rare.''

The big show, he said, is all in the name of charity.

``I'm not interested in auctioning it because I want more control over the sale of it,'' he said, adding that he would donate $1 million to a charity fighting multiple sclerosis if it sold at a charity gala Friday night.

But the diamond, the necklace and Molina came through town in a whirlwind.

Never mind the history of the fabled Archduke Joseph was still under investigation by three researchers, or that the names of recent former owners - and prospective buyers in Los Angeles - were murkier than a whisper.

It's the thought that counts.

``There's a facial response to a large diamond,'' said Molina, 41, in a wide-striped three-piece suit punctuated by a diamond broach, watch chain and finger rings. ``It takes over the chemical (workings) in the body.

``A great stone basically enhances the state of mind, the spirit - it is food for the soul.''

The Archduke Joseph is certified, he said. Perfectly flawless. Almost unobtainable by mortals.

Uncovered in an ancient mine in India, twice the size of its Hope Diamond cousin found at the same site, the Archduke Joseph eventually fell into the hands of Queen Victoria, Molina said, who gave it to Archduke Joseph August, a Hungarian prince of the Hapsburg dynasty (1872-1962).

When the family hit hard times, the stone was sold in 1933 to a European banker, who stashed it under the nose of Nazis in a safe-deposit box in France. Sixty years later, it sold for $6.4 million at a Christie's auction, then sold again to the Sukharno rulers of Indonesia.

Ever held a historic stone worth $25 million? Weighs about a half-ounce, Molina said. That's the same as four bits, or two quarters, in your hand.

Add a $1.7 million, 73-carat necklace and two diamond petals at $300,000 each and you've got the perfect accessory for the L.A. club scene. Or the big splash at The Ivy. Or a debut at Spago of Beverly Hills.

``I think it's perfect, she was made to wear a diamond like this,'' said Molina, admiring model Kim Verbeck, herself a native of Arizona in L.A. for the Big Break, donning the stone once owned by royals.

Stunning.

CAPTION(S):

2 photos

Photo:

(1 -- color) The Archduke Joseph Diamond necklace, features world's 12th-largest white diamond.

(2) Jeweler Alfredo Molina holds the 76.5-carat Archduke Joseph Diamond necklace.

John Kennedy/Special to the Daily News