News

Advanced Search

Christie’s Hong Kong Sells Pink Diamond for $32M

Nov 29, 2017 3:55 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... A pink diamond ring fetched $32 million (HKD 250 million) at a Christie’s auction in Hong Kong, less than two weeks after Sotheby’s failed to sell another diamond of the same color.

The oval-shaped, 14.93-carat, fancy-vivid pink, VVS1-clarity Pink Promise went for $2.1 million (HKD 16.7 million) per carat at the Magnificent Jewels sale on Tuesday, according to Christie’s. The final price was toward the lower end of its pre-sale estimate of $28 million (HKD 220 million) to $41 million (HKD 320 million).

The previous owner, Silicon Valley-based diamantaire Stephen Silver, bought the stone in June 2013 as a 16.21-carat, fancy intense pink diamond. Noticing the cut made some parts of it look washed out, he decided to take on the risky project of re-cutting the stone to a smaller diamond in the hope of achieving a higher color grade, Silver said Tuesday.

With a final weight of 14.93 carats, the stone — which he renamed the Pink Promise — received a Gemological Institute of America (GIA) grade of fancy vivid pink, a higher category.

The Hong Kong auction yielded total proceeds of $93.7 million (HKD 731.1 million). A rectangular-cut, 8.80-carat, fancy intense pink, VVS1 diamond sold for $9.7 million (HKD 75.5 million), while a necklace featuring 29 jadeite beads, as well as ruby and old-cut-diamond clasps, went for $12.3 million (HKD 95.7 million).

The autumn jewelry auction season has been relatively volatile, with the 37.30-carat, VS1-clarity Raj Pink failing to find a buyer at Sotheby’s Geneva auction earlier this month, having attracted an estimate of $19.8 million to $29.8 million. The previous day, Christie’s had sold a 163.41-carat diamond necklace in the Swiss city for $33.7 million — a record for a D-color, flawless diamond.
Tags: Christie’s, colored diamonds, fancy vivid pink, Gemological Institute of America, GIA, Hong Kong, Magnificent Jewels, Pink Diamond, Pink Promise, Rapaport News, Silicon Valley, Sotheby’s, Stephen Silver
Similar Articles
JewelryJewelry Industry Summit Postponed
Jan 17, 2018
The third Jewelry Industry Summit, originally planned for early March, is being rescheduled to a later date
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2018 by Martin Rapaport. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.