Rare, hundred year old pink-diamond all set to sizzle at Christie's for $50 million

Last Updated: Sat, Nov 10, 2018 17:28 hrs

Diamond enthusiasts, collectors and connoisseurs are bound to get excited from a latest development that involves a Pink Diamond.

Code-named Pink Legacy, the reportedly hundred year old diamond has sparked the attention of collectors for it's quality and caratage. At nearly 19 carats, the vivid color gem is referred to as magnificience. Also, Pink diamonds usually weigh less than a carat and hence the buzz around the news.

The cuts on the Pink diamond are more classical almost like an emerald. Christie's is expected to auction the gem on November 13.

According to handful reports, the diamond was once owned by the Openheimer family that ran the De Beers diamond mining company. An official from Christie's explained that the huge diamond could have been mined about hundred years ago and that it was cut in 1920. But has been unaltered since then.

Pink diamonds for the laymen could be referred to as a rarity. Diamond marketing company Argyle, responsible for mining 90% of the world supply of diamonds in a report says that pink colored diamonds comprise of 0.0001% of all diamonds marketed annually. So for every 12-14 million carats of diamonds sold, only 12-14 diamonds are pink colored ones.

Super rich investors and diamond collectors were reported of paying nearly $600,000 per carat as early as 2014. And these prices according to an unverified report were increasing by an average of 20%. Some of the important factors determining the price include the diamond cut, shape, clarity, pink hue, etc.

Going by the current price trends, the grapevine suggests a price-range of $30-50 million. A source from Christie's shared an AFPreport that fancy vivid pink diamonds over 10 carats were "virtually unheard of" and that only four vivid pink diamonds or over 10 carats were ever offered at an auction. There is a strong belief that Pink Legacy could shatter the previous record of $2.176 million per carat, which was the previous record for the highest per carat rate. If it fetches $50 million, the price per carat works to $2.63 million per carat.

Among the popular pink diamonds that have been auctioned include an approximately 15-carat diamond- Pink Promise that was sold last November in Hong Kong for $32.5 million. In 2013, a nearly 60 carat pink diamond fetched Sothebys approximately $83 million. In all probability Pink Legacy is expected to fetch a higher price than the one sold last November.

Will Pink Legacy shatter the previous records? Stay tuned until next week.

Read more about this large pink diamond that sold for $46 million at a Christie's Auction. Read more on that here

Watch this a video from AFP.

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