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Displaying items by tag: Pink Diamond

A spectacular pink diamond, the largest of its kind to ever appear at auction, sold for $28.5 million (26.6 million euros) on Tuesday, narrowly beating auction house Christie's projection. 

An unidentified bidder snatched up the 16.08-carat rare gemstone, kicking off a week of auctions that could see another colored diamond set a new world record.

That stone, a 12.03-carat blue diamond described by experts as flawless, is being sold by rival auction house Sotheby's on Wednesday, and could fetch a record $55 million.

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A pink diamond the size of a postage stamp is going on the auction block, and it's estimated to bring as much as $28 million.

The 16.08-carat gem is poised to set a record for a cushion-shaped fancy vivid pink diamond when Christie's offers it at its Magnificent Jewels sale in Geneva on Nov. 10.

The auction house said it is the largest diamond of its kind to come to auction.

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Wednesday, 09 October 2013 17:38

$30.6 Million White Diamond Sets Record

A “flawless” white diamond the size of a small egg sold for $30.6 million at Sotheby’s Hong Kong on October 7, setting the world record for a white diamond at auction. The previous auction record was set in May when a white diamond sold at Christie’s in Geneva for $26.7 million.

Mined two years ago in Africa, the 118-carat oval white diamond was the object of two phone bidders’ pleas. After six minutes, one of the bidders dropped out. The stone was estimated to sell for between $28 million and $35 million. The 330-lot auction, which netted $95 million in total, also included a 7.6-carat flawless, round, vivid blue diamond, which carried an estimate of $19 million. Unfortunately, that gem failed to find a buyer.

The world record for a jewel at auction was set in 2010 when London jeweler Laurence Graff paid $46 million for a 24.8-carat “fancy intense pink” diamond. The record could be shattered in November when Sotheby’s is slated to offer a 59.60-carat pink diamond that is expected to sell for over $60 million in Geneva.

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On November 13, 2013 Sotheby’s Geneva will auction a 59.60-carat oval cut fancy vivid pink diamond at its Magnificent Jewels sale. Known as “The Pink Star” the gem is the largest internally flawless diamond that has ever been graded by the Gemological Institute of America. The diamond is expected to garner over $60 million.

David Bennett, Chairman of Sotheby’s Jewelry Division in Europe and the Middle East, said, “I have had the privilege of examining some of the greatest gemstones in the world over the past 35 years, and I can say, without hesitation, that ‘The Pink Star’ is of immense importance.” The gem’s vibrant hue combined with its extraordinary size makes it the most exceptional pink diamond known to exist in State, Royal and private collections. The Pink Star belongs to a rare subgroup called “Type IIa,” which includes less than two percent of all gems.

The diamond was cut from a rough stone weighing 132.5 carats, which was mined in Africa in 1999 by De Beers. It was later cut, polished and transformed into its current form by Steinmetz Diamonds. The Pink Star has been exhibited at the Smithsonian Institution as well as the Natural History Museum in London.

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A pink diamond the size of a SIM card sold last night in Switzerland for 9.6 million francs ($10.9 million) as collectors continued to battle for rare gems.

The price paid by a telephone bidder was the third highest for a pink diamond at auction, said Sotheby’s. (BID) The privately owned diamond, not seen on the market for more than 30 years, was estimated to fetch as much as 14.8 million francs at hammer prices, the most highly valued of 491 items being offered by Sotheby’s in its biannual jewel auction in Geneva.

“It’s difficult to predict what big stones will make,” Sam Taub, director of the Antwerp wholesalers CLS Diamonds, said in an interview. “Each bidder has a different personal reason for wanting to buy. At this level, diamonds aren’t a commodity market.”

Diamonds are selling for higher figures than those achieved before the financial crisis. Rare colored stones continue to command one-off prices. Gems lighter than 4 carats, and some collectors’ items, are now about 10 percent more expensive than they were three years ago, Taub said. Values of smaller white stones have been pushed up by speculative trade buying in India, he said.

The emerald-cut “fancy intense pink” stone sold tonight weighed 10.99 carats and was mounted on a platinum ring.

Tiara Record

Earlier in the evening, an emerald and diamond tiara sold for 11.3 million francs, an auction record for this particular type of jewelry. The winning bid was taken on the telephone by Lisa Hubbard, Sotheby’s New York-based chairman of jewelry, against competition from five other bidders, said Sotheby’s.

The tiara had been estimated to sell for between 4.6 million francs and 9.2 million francs.

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