Exceptionally large 'Pink Legacy' diamond sells for $50 million at Christie's

  • Exceptionally large 'Pink Legacy' diamond sells for $50 million at Christie's

Exceptionally large 'Pink Legacy' diamond sells for $50 million at Christie's

The classic rectangular cut is traditionally used for white stones, but is rare for pink diamonds.

AN exceptionally rare 19-carat pink diamond goes under the hammer in Geneva today, when it could fetch US$50 million (RM210 million), setting a new record for a stone of its kind.

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.

Fancy-vivid pink diamonds rarely weigh more than one-fifth of a carat, and only four of such diamonds identified as over 10 carats have been offered for auction in nearly 250 years, according to Christie's.

The diamond's new owners have rechristened it the Winston Pink Legacy.

Christie's has noted that in the salesroom, fancy vivid pink diamonds over 10 carats are "virtually unheard of" and that only four vivid pink diamonds or over 10 carats have ever been offered at auction.

It was graded as "fancy vivid" - the highest level of colour intensity. Only 1 in 100,000 diamonds receives the grading.

In April 2017, a 60-carat diamond called the Pink Star was sold at Sotheby's auction house in Hong Kong for $71.2 million, becoming the most expensive and largest ever polished diamond ever sold at auction.

"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.

Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million.

A pink diamond has sold for more than $50m (£38.5m) at a Christie's auction Switzerland.

"$2.6 million per carat".