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Sotheby’s Expects $26M for Pink Diamond

Aug 18, 2019 10:01 AM   By Rapaport News
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RAPAPORT... A 10.64-carat pink diamond ring worth up to $25.5 million will go under the hammer at Sotheby’s Hong Kong sale.

The fancy-vivid-purplish-pink center stone is internally flawless, the auction house told Rapaport News Friday. Sotheby’s will offer the piece, which is flanked by white diamonds, at its Magnificent Jewels and Jadeite sale on October 7. The ring has a presale estimate of HKD 150 million to HKD 200 million ($19.1 million to $25.5 million), or up to $2.4 million per carat.

Pink diamonds have historically done well at auction, with the Pink Promise, a 14.93-carat, fancy-vivid pink, fetching HKD 250 million ($32 million) at Christie’s Hong Kong sale in 2017. In November, Harry Winston purchased the Pink Legacy, an 18.96-carat, fancy-vivid-pink diamond, at Christie’s Geneva auction for $50.4 million.

Prices of pink fancy-color diamonds increased 0.4% in the three months ending June 30, outperforming blues and yellows, the Fancy Color Research Foundation noted. The imminent closure of Rio Tinto’s Argyle mine in Australia has contributed to the price rise, as the deposit produces most of the world’s pinks, explained Alan Bronstein, president of the Natural Color Diamond Association.

Image: The 10.64-carat pink diamond. (Sotheby’s)
Tags: Alan Bronstein, Alrosa, Argyle mine, Christie’s Geneva, Christie’s Hong Kong, Fancy Color Research Foundation , Harry Winston, Magnificent Jewels and Jadeite, natural color diamond association, Pink Legacy, Pink Promise, Rapaport News, Rio Tinto, Sotheby’s
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