“Pink Legacy” diamond is sold at 50 million USD
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An unusually large pink diamond sold for a record-breaking $50 million (about 50.3 million Swiss francs) this week at Christie’s auction house in Geneva. After five minutes of bidding, the 18.96-carat Pink Legacy became the world record holder for price paid per carat for a pink diamond at auction.
Christie’s international head of jewelry, Rahul Kadakia, said it was purchased by American luxury brand Harry Winston, and will be renamed the Winston Pink Legacy.
“You have to acknowledge first that the Pink Legacy diamond was a very special diamond,” Kadakia said. “It is one of the best and finest examples of pink diamonds at this size and color and it proved it with a new world record price per carat.”
The diamond went under the hammer as part of the annual Magnificent Jewels auction and attracted a huge amount of interest because of its large size and impressive color grading.
Pink Legacy is categorized as a “Fancy Vivid” diamond, the highest grade of color intensity. Only 1 in 100,000 diamonds receives the grading.
The diamond is an even rarer find because of its size, as Fancy Vivid Pink diamonds larger than 10 carats are “virtually unheard of,” according to Christie’s.
“This record-busting price fetched suggests the diamond trade is in good health and signals the market’s sensitivity to Australia’s Argyle mine’s imminent closure in 2020,” Eddie LeVian, CEO of jewelers Le Vian, said in a statement. “With Argyle producing 90% of the world’s pink diamonds, what do you think the value of this diamond will be in five years from now?”
Christie’s did not identify the jewel’s latest owners but it once belonged to the Oppenheimer family, who ran the De Beers diamond mining company for three generations until selling their stake in 2011.
The sale is the latest in a booming market for large pink diamonds.
Questions & Answers
Q.Which company purchased the Pink Legacy diamond?
Which company purchased the Pink Legacy diamond?
American luxury brand Harry Winston bought the diamond. It will be renamed the Winston Pink Legacy after the purchase at Christie's auction.
Q.Why is this diamond considered particularly rare?
Why is this diamond considered particularly rare?
It is rare due to its size and colour grading, being an 18.96-carat Fancy Vivid Pink diamond. Such large Fancy Vivid Pink diamonds are virtually unheard of.
Q.How did the diamond's sale price compare to previous records?
How did the diamond's sale price compare to previous records?
The diamond set a new world record for the price paid per carat for a pink diamond at auction. It sold for $50 million after five minutes of bidding.
Q.What does the sale suggest about the wider diamond market?
What does the sale suggest about the wider diamond market?
The record-breaking price indicates a healthy diamond trade and highlights the market's awareness of the upcoming closure of Australia's Argyle mine in 2020.
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