The world's largest purple-pink diamond ever to be auctioned fetched a disappointing price over $10 million lower than originally expected.
Nevertheless, the $26.6 million (24.4 million Swiss francs) paid for the ultra-rare purple-pink 14.83-carat diamond named "The Spirit of the Rose" by an anonymous phone-in buyer is the highest for a diamond of this class. The auction was held at Sotheby's Geneva.
Sotheby's initially estimated The Spirit of the Rose would sell for between $23 million and $38 million (21 million to 35 million Swiss francs).
Despite the disappointment, Benoit Repellin, head of the Geneva auction, said the sale was a "testament to the growing appreciation, and awareness of the great scarcity of pink diamonds around the world."
The Spirit of the Rose is classified as "internally flawless," a measure of its clarity. The diamond's rarity is a result of its size and color, which had been graded as "Fancy Vivid Purple-Pink," said Gary Schulerto, chairman of Sotheby's jewelry division.
"Only 1% of all pink diamonds are larger than 10 carats and only 4% of all pink diamonds are graded 'Fancy Vivid' and display a rich, vivid color," according to Schuler.
"Having the opportunity to offer a large polished pink diamond ... with the richness of color and purity of The Spirit of the Rose is therefore truly exceptional."
Pink diamonds differ have no chemical trace elements, which gives diamonds their color, during their formation. The presence of nitrogen forms yellow diamonds, while boron creates blue diamonds.
Only 1% of pink diamonds are larger than 10 carats and just 4% are graded "fancy vivid."
Their rarity means pink diamonds are increasing in value faster than those of any other color. Prices for pink diamonds have jumped by 116% between 2010 and 2019.
The most expensive diamonds in the world sold at auctions are pink diamonds. Five of the top 10 most expensive diamonds ever sold are pink diamonds, including the most expensive, "The Pink Star," an oval-shaped 59.6-carat pink diamond sold at Sotheby's Hong Kong for $71 million in April 2017.
The other pink diamonds in the top 10 list are The Graff Vivid Pink Diamond (Price: $46 million); The Prince Pink Diamond. (Price: $39.3 million); The Sweet Josephine Pink Diamond (Price: $28.5 million) and The Perfect Pink Diamond (Price: $23.8 million).
The Pink Star is the largest known diamond to be awarded a Vivid Pink color grade. The Pink Legacy has also received a Vivid Pink color grade.
The Gemological Institute of America awarded "The Pink Legacy" its highest diamond color designation, "vivid," meaning the stone is saturated and displays the optimum hue.
