Ultra-Rare Pink Diamond Heads to Auction, Expected To Sell for Over $35 Million USD
“The Eternal Pink” is expected to be unveiled in Hong Kong this Saturday.
Sotheby‘s has announced the auction of an ultra-rare, 10.57 carats pink diamond that is expected to sell for over $35 million USD.
The diamond, named “The Eternal Pink” is a one-of-a-kind gemstone that hits the auction block just four years after South African company De Beers discovered the stone in its mines of Botswana. According to Sotheby’s, the stone has a “purplish pink” color, making it the most valuable diamond of its shade to ever appear at auction. Of course, the price of the diamond is very much dependent on the four “Cs” — carat, cut, color and clarity. In terms of clarity, experts have said that the grading of the stone is classified as “internally flawless,” meaning that there are very few blemishes and those that do exist can only be seen under extremely close magnification. The color has received the highest grading, designated “fancy vivid” and only achieved by 4% of pink diamonds.
Sotheby’s head of jewelry for the Americas said in a statement, “This color is the most beautiful and concentrated shade of pink in diamonds that I have ever seen or has ever come to market. The Eternal Pink’s immense presence and great rarity make it comparable to ultimate masterpieces of art — far rarer than a Magritte or a Warhol.” The Eternal Pink was initially cut from a rough diamond that was discovered in 2019. It was originally 23.87 carats and weighed twice as much as it does now. It took six months for the stone to be transformed into its current form. In recent years, pink diamonds have soared in value due to a decline in supply caused by the 2020 closure of Australia’s Argyle Mine, which as previously produced the a majority of the world’s pink diamonds.
The stone is set to be unveiled this weekend in Hong Kong and is set to be exhibited in several other cities including Dubai, Singapore and Geneva before making its way back to New York for the June sale. Currently, the auction record for a pink diamond or a polished diamond of any color is held by a 59.6-carat stone that sold at Sotheby’s Hong Kong in 2017 for $71.2 million USD. It was purchased by Hong Kong jewelers Chow Tai Fook and renamed “CTF Pink Star.” Another 11.15 carat pink diamond called “Williamson Pink Star” holds the record for the highest per-carat auction price, selling for $58 million USD last year.
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