A pink diamond with exceptional color and brilliance was sold for $34.8 million in New York, falling just short of its estimated value of $35 million.
Known as the Eternal Pink, this rare gemstone weighs 10.57 carats and was discovered by the South African company De Beers at one of its mines in Botswana. Sotheby’s auction house presented the diamond for bidding four years after its discovery.
Officially categorized as “purplish pink,” it is considered the most valuable diamond of its color ever to be auctioned, according to Sotheby’s. Quig Bruning, the head of jewelry for the Americas at Sotheby’s, stated before the sale that this stone was “joining the ranks of the most important diamonds in history.”
Diamond prices are largely determined by the four “Cs”: carat, cut, color, and clarity. In terms of color, the diamond has been classified as “internally flawless,” meaning any imperfections are only visible under close magnification. Its color is designated as “fancy vivid,” the highest grade of intense color achieved by only 4% of pink diamonds.
Bruning described the color of this diamond as the most beautiful and concentrated shade of pink he has ever seen, comparing it to the rarity and presence of ultimate art masterpieces such as those by Magritte or Warhol.
The value of pink diamonds has skyrocketed in recent years, partly due to the decline in supply caused by the closure of Australia’s Argyle Mine in 2020, which was the primary source of pink diamonds worldwide. According to an index compiled by Australian Diamond Portfolio, the average price of colored diamonds rose by 30% in the 12 months leading up to June 2021.
The Eternal Pink was cut from a rough diamond weighing 23.87 carats, discovered in 2019. It took diamond firm Diacore six months to transform the stone into its current form.
Sotheby’s stated that less than 3% of diamonds submitted to the Gemological Institute of America (GIA) are colored, with pink diamonds being among the rarest. Tom Moses, the GIA executive vice president, referred to The Eternal Pink as a “stunning specimen” with refined lines and intense color, earning its place as one of the world’s most extraordinary gems.
During the same auction in New York, another remarkable gem, the Estrela de Fura, a 55.22-carat ruby with a vivid “pigeon’s blood” hue, also fetched a price of $34.8 million. The current auction record for a pink diamond, or any polished diamond of any color, is held by a 59.6-carat stone that was sold for $71.2 million at Sotheby’s Hong Kong in 2017. The buyer, Hong Kong jeweler Chow Tai Fook, renamed it “CTF Pink Star.” Another notable pink diamond, the 11.15-carat “Williamson Pink Star,” holds the record for the highest per-carat auction price, selling for 453.2 million Hong Kong dollars ($58 million) last year.