Sotheby's is set to auction a 10.64-carat pink diamond ring. For example, this pink diamond ring is going for a staggering $25.5 million and will be a feature at the prestigious Sotheby’s Hong Kong sale. Furthermore, the pink diamond ring is fancy vivid purplish pink center stone and is internally flawless, or IF for abbreviation. Furthermore, this diamond is GIA certified, making it all the more prestigious. In fact, GIA is the pinnacle of diamond certification. GIA certified diamonds not only add value to diamonds but upon grading, diamonds undergo the utmost scrutiny to get the most accurate assessment of the diamonds characteristics. Harry Winston's Pink Legacy Diamonds is also has a GIA certificate.
The famous auction house told Rapaport News recently that it will offer the pink diamond ring. For example, the pink diamond ring is adorned with white diamonds at its Magnificent Jewels and Jadeite sale on October 7, 2019 in Hong Kong. The Rapaport News magazine is a publication for insider trading for the diamond and jewelry world. Furthermore, they are at the forefront of the industry news bringing up to date information on the trade.
The pink diamond ring has a pre-sale estimate of 19.1 million to $25.5 million, or up to $2.4 million per carat. For example, that translates into 150 million-200 million in Hong Kong Dollars. Pink diamonds and by default pink diamond rings have almost always done historically spectacular at the Sotheby's sales. Additionally, at one Sotheby's auction, the diamond known as the Pink Promise, a 14.93-carat, fancy vivid pink, went for HKD 250 million ($32 million) at Christie’s Hong Kong sale in 2017.
Just this past November 2018, the famous jeweler and diamond dealer Harry Winston purchased the pink diamond ring known as the Pink Legacy. This pink diamond ring is an 18.96-carat, fancy-vivid-pink diamond. The Pink Legacy sold for a staggering $50.4 million or CHF 50,375,000 at the Christie's Auction.
When referencing the astonishing hue of the Pink Legacy the International Head of Jewellry at Christie's one Rahul Kadakia explains that "The saturation, the intensity of this stone is as good as it gets in a colored diamond. And that, to find a diamond of this size with this color is pretty much unreal,’ he continues. ‘You may see this color in a pink diamond of less than one carat. But this is almost 19 carats and it’s as pink as can be. It’s unbelievable." After making the staggering purchase the new owners at Harry Winstons renamed the diamond immediately after purchase to "The Winston Pink Legacy."
Pink diamonds are incredibly rare and expensive. For example, the price for pink fancy-color diamonds saw an increase of 0.4% in only three months, ending June 30. Furthermore, pink diamond outperformed other fancy color diamonds, such as blue and yellow., the Fancy Color Research Foundation noted. Additionally, 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.
Diamonds come in two classifications, which scientists classify as Type I and Type II. For example, the Type II diamonds, the diamond has an extremely rare, evenly spread, almost homogenous color. In fact, Pink diamonds fall under the rare Type IIa category of diamonds. Additionally, pink diamonds have very little to no traces of the chemical nitrogen. Furthermore, these diamonds make up less than two percent of all gem-quality diamonds. Consequently, a Type II pink diamond is the most brilliant diamond with respect to refraction and hue. Furthermore, one can expect to see a Type IIa often with exceptional transparency and shine.
While gemologists and diamond dealers know that the earth's radiation is the primary reason for the pink diamond color, there is evidence that these diamonds have a mutation within their crystal lattice structure. Thereby causing a change in the diamonds molecular structure. For example, with enough of these structural anomalies, the diamond can take on a bevy of different properties. Such as, the diamond could absorb a certain wavelength of green light. Thus, resulting in a pink appearance. Additionally, other colors, such as green, purple and orange, occur from natural radiation and other common elements within the Earth.
A flawless, oval shape, fancy vivid pink diamond weighing in at 59.60-carats known as the CTF Pink Star has sold for an outlandish 71.2 million dollars. This is the largest flawless, fancy vivid pink diamond The Gemological Institute of America (GIA) has ever graded. Additionally, the CTF Pink Star has the highest color and clarity grades from GIA for pink diamonds. The CTF Pink Star diamond was dug by De Beers in Africa in 1999. Furthermore, the 132.5-carat rough diamond was specially cut, polished and modified over a lengthy two year period in which it was transformed into a spectacular and one of a kind diamond gemstone.
The CTF Pink Star was sold on 4 April 2017 in Hong Kong. It saw Sotheby’s set a new world record for an auction for any diamond or jewel when the Pink Star sold for HK$553 million. The Pink Star was purchased by world-famous Chinese jeweler Chow Tai Fook. The winning telephone bid was placed by the chairman of the company, one Dr. Henry Cheng Kar-Shun. Additionally, Pink Star has been renamed CTF PINK STAR in honor of the late Dr. Cheng Yu-Tung. Who is the father of the current chairman and founder of Chow Tai Fook. Furthermore, the purchase commemorates the companies 88th anniversary.
Demand and prices for the diamond market as a whole are on the increase as concerns about the world economy mount. Additionally, with the introduction of laboratory-grown diamonds and gems, there is an abundance of gem and diamond supplies. For example, color diamonds, in particular, large color diamonds, have maintained their value, especially in pink diamond rings. Roughly 90% of which are found in the famous Argyle mine in Australia. Furthermore, the Argyle mine is the worlds largest producers of pink diamonds with regards to carat weight. However, the Argle mine is expected to have exhausted its kimberlite materials, and will, therefore, cease production by the end of next year.
Rio Tinto's chief executive for its copper and diamond operations, one Arnaud Soirat, mentions that the price of pink diamond rings has gone up approximately 500% since the year 2000. Furthermore, while Soirati did not give any figures at to the health of the overall market, he did mention that producers have reported lower overall demand and prices. Additionally, he mentions that despite sluggish demand both he and Rio Tinto plan to stay in the diamond business. Lastly, he says, "diamonds is a business we like a lot. It’s a very high-margin business in line with our strategy of value over volume. It makes a lot of sense. We want to stay in the diamonds business.”
Diamond miner Rio Tinto is now exploring diamond mines in Canada. Currently, the company has a 60% interest in the Diavik Diamond Mine. The mine is in Canada's remote Northwest Territories. Rio Tinto states that " the design, construction and operation of the Diavik mine is an epic saga of success on a grand scale in the most forbidding of places. Diavik commenced production in 2003 and has an annual production of some 6-7 million carats of predominantly large, white gem-quality diamonds.
Rio Tinto has a joint venture with Canada’s Star Diamond Corp (DIAM.TO). However, Rio Tinto declines to give separate figures for diamonds but notes that last year’s total exploration spend was $488 million. Furthermore, its gross diamond sales in 2018 were $695 million and includes net earnings of $118 million, when comparing with group core profits, dominated by iron ore, of $18 billion. Arnaud Soirat speculates that each pink diamond carat could be worth several million dollars.
Soirat says that he is personally overseeing one of the last secret bid tenders, which offers 64 Argyle pink diamonds and closes on Oct. 9. And that following the showing to potential buyers in London, New York, and Perth, Australia Soirat said there could be two more tenders, all dependant on Argyle’s production in its final months. Such pink diamond tenders have been held annually since 1984.
A Pink Diamond Ring. Diamond specialists say the pink color is a twist within the atomic lattice during formation more than a billion years ago.
A pink diamond ring on a beautiful rose petal background.
Pink Diamond Rings have incredible sparkle and are very expensive. For example, the Pink Legacy Diamond is a type II diamond.
https://www.riotinto.com/canada/diavik-2232.aspx
https://www.sothebys.com/en/auctions/2017/the-pink-star-hk0770.html
https://www.sothebys.com/en/articles/what-makes-pink-diamonds-so-valuable-ctf-pink-star?locale=en
https://www.christies.com/SaleLanding/index.aspx?intsaleid=27664&lid=1&saletitle=
https://www.christies.com/features/The-Pink-Legacy-diamond-9398-3.aspx
https://www.diamonds.net/news/NewsItem.aspx?tc_dailyemail=1&ArticleID=64069