A 10.64 carat pink diamond ring worth up to $25.5 million will go under the hammer at Sotheby’s Hong Kong sale.
The fancy vivid purplish pink center stone is internally flawless, the auction house told Rapaport News Friday. Sotheby’s will offer the piece, which is flanked by white diamonds, at its Magnificent Jewels and Jadeite sale on October 7. The ring has a presale estimate of $19.1 to $25.5 million USD.
Pink diamonds have historically done well at auction, with the Pink Promise, a 14.93 carat, fancy vivid pink, fetching $32 million USD at Christie’s Hong Kong sale in 2017. In November, Harry Winston purchased the Pink Legacy, an 18.96 carat, fancy vivid pink diamond, at Christie’s Geneva auction for $50.4 million USD.
Prices of pink fancy color diamonds increased 0.4% in the three months ending June 30, outperforming blues and yellows, the Fancy Color Research Foundation noted.
The imminent closure of Rio Tinto’s Argyle mine in Australia has contributed to the price rise, as the deposit produces most of the world’s pinks, explained Alan Bronstein, president of the Natural Color Diamond Association.