Pink diamond fetches record price at auction
By James Pomfret |
December 2, 2009, Wednesday
|
Print Edition
Print Edition
A RARE, 5-carat pink diamond was auctioned off for a record US$10.8 million in Hong Kong yesterday, putting some shine back into the world's rare and large stones market which was badly hit by the financial crisis.
The stone, of a "vivid pink" hue and considered near perfect, but not flawless, triggered brisk bidding in Christie's autumn sales of Asian and Chinese art in Hong Kong.
The price smashed the previous record, set 15 years ago in Geneva for a 19.66-carat stone that sold for US$7.4 million. The pink gem's per-carat price of US$2.2 million was also the highest ever paid for any diamond at auction, Christie's said.
"No stone has ever been sold for US$2 million a carat, we were used to ... a million dollars a carat for colored diamonds but never 2 million," said Francois Curiel, Christie's Europe chairman. "This is an absolute record that is not going to be broken for a while I believe."
'Cushion cut'
The stone, set in a so-called "cushion-cut" ring by famed jewelers Graff Diamonds, was just a quarter the size of the Geneva stone and not quite flawless but the stone's "vivid pink" is considered near perfect.
Curiel described it as a "fabulous pink diamond, probably one of the rarest stones I've ever seen."
While the South African-mined diamond isn't quite rated flawless given minor blemishes, Christie's said these could be removed by minor repolishing.
Christie's has a track-record of putting rare polished stones up for sale in Asia, given its confidence in the depth of the Asian market for the world's top gemstones and artwork.
Last May, before the financial crisis began to hurt the global auction market, Christie's sold a squash-ball-sized, 101.27-carat diamond in Hong Kong for US$6.2 million.
The stone, of a "vivid pink" hue and considered near perfect, but not flawless, triggered brisk bidding in Christie's autumn sales of Asian and Chinese art in Hong Kong.
The price smashed the previous record, set 15 years ago in Geneva for a 19.66-carat stone that sold for US$7.4 million. The pink gem's per-carat price of US$2.2 million was also the highest ever paid for any diamond at auction, Christie's said.
"No stone has ever been sold for US$2 million a carat, we were used to ... a million dollars a carat for colored diamonds but never 2 million," said Francois Curiel, Christie's Europe chairman. "This is an absolute record that is not going to be broken for a while I believe."
'Cushion cut'
The stone, set in a so-called "cushion-cut" ring by famed jewelers Graff Diamonds, was just a quarter the size of the Geneva stone and not quite flawless but the stone's "vivid pink" is considered near perfect.
Curiel described it as a "fabulous pink diamond, probably one of the rarest stones I've ever seen."
While the South African-mined diamond isn't quite rated flawless given minor blemishes, Christie's said these could be removed by minor repolishing.
Christie's has a track-record of putting rare polished stones up for sale in Asia, given its confidence in the depth of the Asian market for the world's top gemstones and artwork.
Last May, before the financial crisis began to hurt the global auction market, Christie's sold a squash-ball-sized, 101.27-carat diamond in Hong Kong for US$6.2 million.
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