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November 2, 2017

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‘Pink Promise’ diamond for auction at US$42m

AN enormous oval-shaped diamond named the “Pink Promise” is set to be auctioned at Christie’s in Hong Kong, with an eye-watering US$42 million price tag.

A 14.93-carat pink gemstone forms the center-piece of the diamond-studded ring.

A Christie’s spokesman said it was one of the most important pink diamonds ever to be sold because of its color and clarity.

“The rarity of pink diamond makes it so valuable,” Fung Chiang of Christie’s jewelry department said.

“For diamond production every year, we are talking about less than two percent (for) colored diamonds,” Chiang said, adding that not every piece shares the same “beautiful” color.

Researchers still do not fully understand the “exact structural defect” that causes the appealing pink hues, the auction house added in a statement yesterday.

The ring will go under the hammer on November 28 in Hong Kong.

An ongoing anti-corruption drive in China’s mainland has done little to dent feverish bidding in Hong Kong’s auction houses.

A 1,000-year-old bowl from China’s Song Dynasty sold at auction house Sotheby’s to an anonymous bidder for US$37.7 million in the city last month, breaking the record for Chinese ceramics.


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