Rare pink diamond aims to make $50 million

  • Saturday 10, November 2018 in 10:06 AM
Sharjah24 – AFP: The Pink Legacy, an exceptionally large pink diamond, is set to go under the hammer at Christie's in Geneva next week, when it is expected to bring in up to $50 million.
At nearly 19 carats, the vividly coloured gem is extraordinary, Jean-Marc Lunel, an international jewellery specialist at Christie's, told AFP.
 
The gem, which on November 13 will be offered at auction for the first time, has been estimated at between $30 million and $50 million (26.5-44.1 million euros), and Lunel suggested it could hit the high end of that range.
 
The rectangular-cut diamond has been graded "fancy vivid" the highest possible grade of colour intensity.
 
Christie's pointed out that in the salesroom, fancy vivid pink diamonds over 10 carats are "virtually unheard of" and that only four vivid pink diamonds or over 10 carats have ever been offered for sale at auction.
 
One of them, the nearly 15-carat Pink Promise, was sold last November at a Christie's auction in Hong Kong for $32.5 million. That amounts to $2.176 million per carat, which remains the world auction record price per carat for any pink diamond.
 
The Pink Legacy, set to headline Christie's annual Magnificent Jewels auction on Tuesday, used to belong to the Oppenheimer family, which for decades ran the De Beers diamond mining company, but Christie's refused to say who the current owner was.
 
The classic rectangular cut is traditionally used for white stones, but is rare for pink diamonds.
 
Rahul Kadakia, Christie's international head of jewellery, meanwhile said in a statement in September that he expected The Pink Legacy to "cause immense excitement with collectors and connoisseurs of diamonds around the world".