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Florida Couple’s 10Ct. Pink Diamond Appreciates up to 500% in Under a Decade
Mar 28, 2016 9:07 AM
By Rapaport News
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RAPAPORT... Christie’s will auction for $8 million to $12 million a pink diamond ring that has appreciated up to 500 percent in less than a decade since being bought by a South Florida man for his wife.
The 10.07-carat, cushion modified
brilliant-cut, fancy intense purple-pink gem flanked on either side by a
triangular-shaped diamond will be on offer at the auctioneer’s Magnificent
Jewels sale in New York in April.
The appreciation from
the $2 million purchase price in 2007 comes amid an increase in the value of
pink diamonds as supply is forecast to run out and demand has spiked, according
to the stone’s appraiser.
“There is only one colored
diamond for every 10,000 colorless diamonds," said Andrew Kravit, founder
and president of Kravit Estate Appraisals, in a statement March 24.
“Most of the world's pink diamonds come from the Argyle mine
in Western Australia, whose supply is expected to run out by 2020. High
demand from wealthy individuals and savvy investors around the world is driving
the steep increase in values.”
Kravit was asked to
appraise the couple’s jewelry collection for insurance purposes last fall and
discovered the diamond ring was undervalued.
"When
I looked through a list of their personal assets on their insurance policy, I
saw some pieces that were overvalued, others that were undervalued and a few
that were right on the money," Kravit said in the statement. "But
there was one glaring mistake: their 10-carat pink diamond had been appraised
for only $4.7 million."
Kravit called an
associate specializing in colored diamonds, who confirmed the piece would fetch
more than $8 million in the current market.
"Pink
diamonds in strongly saturated colors of over a carat are a rarity,"
added Rahul Kadakia, international head of jewelry at Christie’s. “To
locate an intense pink gem of over 10 carats is a real event in the world of
jewelry auctions."
The Magnificent Jewels auction
on April 20 will also feature the 15.99-carat 'Jubilee Ruby' estimated at $12
million to $15 million.
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Tags:
Auctions, Christie's, Florida, investment diamonds, Rapaport News, valuation
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