Christie’s To Sell World’s Largest Cushion-Shaped Fancy Vivid Pink Diamond

CHRISTIE'S IMAGES LTD. 2015

The world’s largest cushion-shaped Fancy Vivid Pink diamond to be offered at auction will be one of the highlights of Christie’s Magnificent Jewels sale on November 10 in Geneva. Its estimate is $23 - $28 million.

The diamond is set in a ring and surrounded with a double row of pavé-set white diamonds and a third row of small pink diamonds underneath. The band is comprised of small circular-cut white diamonds set in platinum.

The diamond will tour Christie’s locations around the world, starting with Hong Kong, and continuing to New York and London prior to the exhibition and sale in Geneva.

Diamonds of a distinct pink hue are among the most sought-after, Christie’s said. While most pink diamonds exhibit a color modifier like purple, orange, brown or grey, this 16.08 carat gem shows no trace of a secondary color. In addition, it’s classified as a Type IIa diamond, which means it contains little if any nitrogen and accounts for less than 2 percent of all diamonds. 

In almost 250 years of auction history, only three pure vivid pink diamonds of over ten carats have appeared for sale, the auction house said.

“As large and rare colored diamonds of this caliber become increasingly hard to locate, this 16.08 carat Fancy Vivid pink diamond comes to market at a time when great gems are mirroring prices achieved for masterpieces in the world of fine art,” said Rahul Kadakia, Christie’s International Head of Jewellery. 

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World’s Biggest Diamond Sale Becomes World’s Biggest Diamond Default

Sotheby’s said Thursday that the high-bidder of the 59.6-carat “Pink Star” diamond that sold for a world record price of $83.2 million has defaulted.

Diamond cutter Isaac Wolf, who said he was representing unnamed investors, outbid three rivals for the gem at Sotheby’s Geneva Magnificent Jewels Sale held in November. He renamed it the “Pink Dream.”

Wolf was unable to pay for the flawless fancy vivid pink diamond, according to the auction house’s annual report. It is now part of Sotheby’s inventory valued at approximately $72 million

According to a report on CNBC, the auction house had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the gem, whose identity is unknown.

In a conference call with investors Thursday, Patrick McClymont, Sotheby’s CEO, said the auction house is still talking with Wolf about the future of the diamond.

“We are currently in discussions with the buyer while also considering other alternatives,” he said. “In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

Wolf in a YouTube video explaining the purchase said he was representing a group of investors and considered the diamond to be worth about $150 million, based on current prices for pink diamonds of similar quality.

“It’s not that I’m buying this with the money that I have in my piggy bank,” Wolf said. “It’s basically a group of investors—financial people—that are backing me on this and they are doing this as an investment, and hopefully to make a big profit.”



The diamond is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. It is twice the size of any vivid pink diamond ever brought to auction and the largest known diamond rated vivid pink. David Bennett, chairman of Sotheby’s Jewellery Division in Europe and the Middle East and chairman of Sotheby’s Switzerland, said the diamond is one of the most important gems he has seen in his 35-year career.

“It is difficult to exaggerate the rarity of vivid pink diamonds weighing only five carats,” he said prior to the auction. “So this 59.60 carat stone is simply off any scale, and passes, I believe, into the ranks of the earth’s greatest natural treasures.”

The oval-cut gem was the highlight of the November auction in Geneva. It was estimated to fetch more than $60 million. The bidding opened at $48 million and lasted for about five-minutes before Wolf made the winning bid.

The diamond was originally mined in South Africa in 1999 as a 132.5-carat rough by De Beers. It was cut by the Steinmetz Diamond Company over a two-year period and was formerly known as Steinmetz Pink. In 2003, it was shown publicly in Monaco and was displayed at the Smithsonian Institute as part of its “Splendor of Diamonds” exhibit, according to Wikipedia. The Pink Star was sold privately in 2007.

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