A Fancy Vivid Purple-Pink Cushion-Cut Diamond Ring, of 10.09 carats. Estimate $12,000,000 – 15,000,000. Photo: Christie's Images Ltd 2011
NEW YORK, NY.- Perhaps no greater phenomenon has electrified the global jewelry market in the past year than the skyrocketing prices achieved for large pink diamonds at auction. In the last 15 months, four pink diamonds have fetched more than US$1 million per carat at auction, with Christie's leading the way with The Vivid Pink, a 5 carat cushion-cut diamond that sold for more than US$2.1 million per carat at Christie's Hong Kong in December 2009 - a record price per carat for any diamond sold at auction. Now, Christie's is pleased to announce it will offer a 10.09 Fancy Vivid purplish-pink diamond as the highlight of its April 12 Magnificent Jewels sale in New York. This exceptional diamond, with its highly desirable cushion cut, is estimated at US$12,000,000-15,000,000.
“Collector demand for large colored diamonds has never been stronger, especially where pink diamonds of this size and quality are concerned. Fewer than 10 percent of all pink diamonds mined weigh more than 0.20 carats, and even fewer exhibit the exceptional color saturation and brilliance of this exceptional gem. In all my years at Christie’s, I have never seen such vivid color in a stone of this size,” said Rahul Kadakia, Head of Jewelry at Christie's New York.
“At Christie’s New York this past December, jewelry collectors competed for a 6.89 carat Fancy Vivid purplish-pink diamond, which ultimately sold for $6.9 million or $1 million per carat. This larger stone, with its richer, deeper hue of pink and electrifying purple tone is positioned to become one of this season’s top-selling diamonds.”
MARKET UPDATE: PINK DIAMONDS
In recent years, prices for top-quality colored diamonds have increased rapidly, driven by both collector demand and increasingly limited supply. Pink diamonds of this type gain their highly desirable color as a result of a rare, naturally-occurring slippage of the crystallographic lattice in the stone while it is forming deep within the earth’s crust. Only a few mines in the world produce pink diamond rough, and of the stones that are cut and polished, only one in about 10 million diamonds will possess a color pure enough to be graded as “Fancy Vivid”.
As the market leader in jewelry auctions for 17 years running with a worldwide sales total of $426.4 million in 2010 Christie's has offered for sale some of the world’s greatest and most historic pink diamonds, including The Agra, a 17th century Fancy Light pink Golconda diamond of 32.24 cts sold at Christie’s London in June 1990 for US$6,959,780, and The Rose of Dubai, a Fancy Pink internally- flawless pear-shaped diamond of 25.02 cts sold at Christie’s New York in October 2005 for US$6,008,000.
More recently, per-carat prices for large pink diamonds have surpassed those for colorless diamonds, and now rank as the most expensive of colored diamonds on the auction market. Top prices for pink diamonds sold at Christie's include:
• The Perfect Pink
A Fancy Intense pink rectangular-cut diamond of 14.23 cts
Christie's Hong Kong – November 29, 2010
US$23,165,968 (HK$ 179,860,000)
US$ 1.6 million per carat
World Record Price for any Jewel Sold at Auction in Asia
• The Vivid Pink
A Fancy Vivid pink internally-flawless diamond of 5.00 cts, by Graff
Christie’s Hong Kong – 1 December 2009
US$10,776,660 (HK$ 83,540,000)
US$ 2.1 million per carat
World Auction Record Price Per Carat For Any Diamond
• A Fancy Vivid purple-pink diamond of 6.89 cts
Christie's New York – December 7, 2010
US$ 1.0 million per carat
• The Rose of Dubai Diamond
A Fancy Pink internally-flawless diamond of 25.02 cts
Christie’s New York – October 19, 2005
In advance of the April 12 sale in New York, Christie’s will tour this exceptional pink diamond to its sales sites around the world:
o Christie’s Geneva: March 10 & 11, 2011
o Christie’s Hong Kong: March 14 & 15, 2011
o Christie’s London: March 21 & 22, 2011
Auction: Jewels: The New York Sale April 12, 2011
Viewing: Christie’s Rockefeller Center Galleries April 9-11, 2011