Rare Pink Diamond Expected to Bring Over $8 Million at Christie's Auction
Posted on April 12, 2016
A rare 10.07-carat pink diamond is going up for auction at Christie's. The diamond is expected to sell for $8 to $12 million. It was purchased for $2 million in 2007 by a man in South Florida but recent estimates give it a much greater value.Andrew Kravit, a gemologist who recognized the true value of the gem, says in a statement, "The couple fell in love with this magnificent piece of jewelry. They appreciated its unique color, and enjoyed it for many years, but had no idea of its worth in today's market. Despite the global financial recession, the value of their colored diamond increased more than 400 percent in the past nine years."
The auction will be featured at a jewelry auction on April 20th in New York City. Kravit says there is "only one colored diamond for every 10,000 colorless diamonds." Kravit says most of these diamonds come from the Argyle mine in Western Australia where supply is expected to run out by 2020.
Rahul Kadakia, International Head of Jewelry for Christie's, says in a statement, "Pink diamonds in strongly saturated colors of over a carat are a rarity. To locate an intense pink gem of over 10 carats is a real event in the world of jewelry auctions."