Thursday 14 November 2013

'Pink Star' Diamond Sells for World Record $83 Million in Geneva

'Pink Star' Diamond Sells for World Record $83 Million in Geneva

(Reuters) - The "Pink Star", a flawless pink diamond the size of a plum, sold for 76.3 million Swiss francs ($83.02 million) in Geneva on Wednesday, a world record price for a gemstone at auction, Sotheby's said.

"The diamond was bought by Isaac Wolf and the diamond has been renamed The Pink Dream," said Matthew Weigman,Sotheby's worldwide director of sales communications.

Wolf, a New York-based diamond cutter, was represented by a bidder in the room and Sotheby's said the final sale price included the "buyer's premium," or commission fees.

In all, four people, including two Asian clients, bid on the oval-shaped diamond, which was mounted on a ring and weighed 59.60 carats, he said.

As Sotheby's auctioneer David Bennett brought down the hammer in the Geneva salesroom, applause erupted. "You'll forgive me," he said, as the theme song from the "Pink Panther" was played.


The Pink Star was the star lot at Sotheby's jewels sale in Geneva, held in a heavily guarded hotel showroom.

'HISTORIC SALE'
It was the highest jewelry sale total for a single auction in history - $199.5 million, Sotheby's said.

"This was a really historic sale. We broke a number of records," Bennett told reporters.

"The pink diamond, I have no hesitation in saying, is a truly amazing royal stone, fit for any royal collection, fit for any museum collection.

"There is no stone of that size and color known, no other stone."

Noting that the diamond's pre-sale estimate was $61 million, Bennett said: "It surpassed our estimate. It's a large amount of money in itself, but I don't think this stone has a price."

The previous record was held by the "Graff Pink", a 24.78 carat fancy intense pink diamond bought in 2010 by Laurence Graff, a London-based jeweler known as "The King of Diamonds", for 45.44 million Swiss francs, or $45.75 million at the time.

"Frankly when I sold the Graff three years ago, I thought it would be a record for a very long time. Tonight's price is really quite extraordinary three years later," Bennett said.

"It means the three top prices paid for gemstones are all pink diamonds."

The Pink Star was cut and polished from a 132.5 carat rough diamond mined by De Beers somewhere in Africa in 1999, according to Sotheby's, which said it had no information on the precise geographic origin.

It was first sold in 2007 and the seller wished to remain anonymous, said a Sotheby's spokeswoman.
Signature pieces by top-end European jewelers including Cartier, Bulgari and Van Cleef & Arpels fetched steep prices at Sotheby's, especially from the Art Deco period of the 1930s.

The second highest price at the auction, 9.68 million Swiss francs, was fetched by a 1971 Van Cleef & Arpels brooch of a phoenix, set with diamonds, emeralds and a large cabochon sapphire with a detachable yellow briolette diamond hanging from the bird's beak.

The brooch previously belonged to the late Polish opera star and jewelry collector Ganna Walska.

Bidding on the night's third priciest lot, a pair of diamond earrings, described by Bennett as a "perfect match," opened at 5 million francs and was bought for 8.45 million francs by a telephone bidder. The stones weighed 23.77 and 23.78 carats.

Few lots were unsold at the auction and the prices achieves were generally many times more than their pre-sale estimates.

About a dozen jewels from the collection of French countess Odile de la Rochefoucauld were sold for the benefit of charity. They included a sautoir composed of 630 pearls sold for 180,000 francs.

"Believe it or not, it's 3.5 feet long and was used for skipping by the young girls in the house. But you don't have to use it for skipping, you can wear it," Bennett quipped.

At rival Christie's on Tuesday night, an orange diamond of 14.82 carats sold for 32.64 million Swiss francs.

($1 = 0.9191 Swiss francs)

(Reporting by Stephanie Nebehay; Editing by Mark Heinrich and Christopher Wilson)

Step into the mesmerizing world of natural Pink diamonds, synonymous of elegance and sophistication. These exquisite gems have stolen the spotlight in the realm of fine jewelry, captivating the hearts of fashion enthusiasts around the globe. 

In this article, we’ll explore the enchanting features of Fancy Pink diamonds, uncovering their origins, possible tones, and the growing fascination around them. As we delve into their unique characteristics, you’ll learn how they compare to other popular pink gemstones, revealing the distinct advantages that set them apart.

The Origin Of Their Mesmerising Hues

Fancy Purple-Pink diamond from Langerman Diamonds.
0.11 ct Radiant Pink VS diamond.

Fancy Pink diamonds are the result of a remarkable geological process that lasted millions of years. During their formation process, atomic traces of minerals such as hydrogen, nitrogen, or boron were introduced into their crystalline structure, resulting in impressive hues.

However, another scientific theory states that the pink hue comes from a deformation in the crystal lattice of the stone, a phenomenon caused by extreme pressure.

Whichever the cause, thanks to our Earth’s natural transformations, today we get to enjoy the exceptional shades of Pink diamonds.

Fancy Intense Purple-Pink diamond from Langerman Diamonds.
0.22 ct Pear Pink diamond from Argyle, Australia.

From delicate pastel tones reminiscent of blooming cherry blossoms to intense, vivid shades that command attention, natural Pink diamonds offer a diverse palette of hues that ignite the imagination.

Rarity And A Growing Fascination

The allure of these unique stones lies not only in their enchanting beauty but also in their rarity. 

Fancy Intense Brownish Pink diamond from Langerman Diamonds.
0.13 ct Marquise Rosé VS2 diamond from Argyle, Australia.

As luxury enthusiasts and jewelry connoisseurs seek to come in possession of the most exclusive and coveted pieces, the interest surrounding fancy pink diamonds continues to grow. With the recent closure of the renowned Argyle mine in Australia, a significant source of Pink diamonds, their scarcity has skyrocketed.

Pink Diamond’s Unparalleled Properties

Fancy Intense Brownish Pink from Langerman Diamonds.
0.32 ct Oval Pink diamond from Argyle, Australia.

Brilliance

The refractive index of a diamond is approximately 2.42. This high refractive index is one of the factors that contribute to the exceptional brilliance and sparkle that diamonds are renowned for. The high refractive index allows diamonds to bend and reflect light in a way that creates maximum dispersion and brilliance, resulting in their captivating play of light and fire. It is this unique optical property that sets diamonds apart from other gemstones and contributes to their timeless allure and desirability.

0.35 carat Trapezoid Step-Cut Raspberry diamond with GIA report.

Hardness

Diamonds are renowned for their exceptional hardness, ranking 10 on the Mohs scale, which is the highest possible rating. This remarkable property makes diamonds highly resistant to scratching and abrasion, ensuring their longevity and durability even with daily wear.

Split-shank Pink diamond engagement ring with double halo by Langerman Diamonds.
Pear-shaped Pink diamond ring with double halo.

The hardness of a diamond contributes significantly to its value. Diamonds are prized for their ability to withstand the rigors of everyday use without losing their beauty or succumbing to damage. This durability ensures that diamond jewelry, such as engagement rings and heavily worn pieces, can be cherished forever and passed down through generations.

What About Other Pink Gemstones?

Tourmaline

This pink gemstone is often used in jewelry for its vibrant color. Pink tourmaline can be found in various parts of the world, including Brazil, Afghanistan, Mozambique, and the United States. Each location may produce unique variations in color and quality, making it more complicated for the regular customer to understand how to measure and compare characteristics.

Tourmaline ranks 7 to 7.5 on the Mohs' scale of hardness, making it moderately durable, but relatively softer compared to Pink diamonds. With a refractive index between 1.624 and 1.644, pink tourmaline exhibits a good amount of brilliance and light dispersion.

Pink quartz

This mineral showcases a soft, delicate pink hue that does not typically offer much sparkle. There are multiple levels of transparency available, from very translucent to milky opaque or smoky with yellow or brown undertones.

Scoring a 7 on the Mohs scale, pink quartz is relatively durable and suitable for some types of jewelry. However, it is still important to protect it from impact, and best suitable for earrings and low-wear pieces.

Pink Sapphire

The intensity of its color depends on the place of origin and the combination of trace elements present within its crystal structure.

With a hardness of 9 on the Mohs scale, pink sapphires are very durable and resistant, making them suitable for all kinds of jewelry pieces. However, they are more prone to scratches than diamonds.

Kunzite

Kunzite is quite affordable because it’s relatively unknown although it can be found in many places like Afghanistan, Brazil, Madagascar, and the USA.

Like most color stones, kunzite can be undergo irradiation or heat treatments to enhance its color. Exposure to heat and bright light can cause color in both natural and treated kunzite to fade over time.

Morganite

Most morganite deposits are found in Brazil, but the highest quality specimens come from Madagascar. Typically, morganite enjoys a high transparency with minimal inclusions resulting in clear, polished stones.

Scoring a 7.5 to 8 on the Mohs scale, Morganite is safe and durable enough for jewelry.

Your Best Choice: Pink Diamonds

Fancy Intense Orangy Pink diamond from Langerman Diamonds.
0.29 ct Shield cut Pink diamond from Argyle, Australia

There are multiple options to choose from to create a jewel with pink gemstones. However, they all fall short when compared to the durability and brilliance of natural Pink diamonds. With sources becoming more scarce while demand continues grows, Pink diamonds keep appreciating in value making them a better financial choice when compared to other gemstones which tend to loose value in the resale marker. Pink diamonds present multiple advantages for their investment potential and as a valuable asset to be passed on for generations.

Bespoke Pink diamond ring by Langerman Diamonds.
Emerald cut Burgundy diamond set in a ring with channel-set and pavé-set white diamonds.

When purchasing color gemstones, it’s important the buyer requests a professional laboratory report that discloses any enhancements to make an informed decision. Unfortunately for most consumers, it’s hard to find full-detailed information on a finished jewelry piece and it requires additional effort and inquiries to confirm the quality of a gemstone.

Langerman Diamonds has over 50 years of expertise in sourcing and trading natural color diamonds. Explore our online inventory and contact us to learn more about the purchasing process.