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12 November 2020 00:36

Sotheby's Patrick Drahi Stock

Pink diamond fetches $26.6 million at Sotheby's Geneva sale

November 2010: The Graff Pink, a 24.78-carat "fancy intense pink" stone described as "one of the greatest diamonds ever discovered", auctioned for $46.2m (£29m). At the time it was believed to be the most expensive gemstone bought at auction and was sold to the well-known British dealer Laurence Graff. A rare pink diamond derived from the biggest raw stone of the colour ever found in Russia was sold for US$26.6 million on Wednesday at Sotheby's in Geneva. [GENEVA] A rare pink diamond derived from the biggest raw stone of the colour ever found in Russia was sold for US$26.6 million on Wednesday at Sotheby's in Geneva. Dubbed "The Spirit of the Rose", the 14.83-carat stone's final sale price including commission set a world record for a purple-pink diamond.

It took just a few minutes for the bids to reach 21 million Swiss francs after the marble-sized stone came up in an online auction, with the final buyer remaining anonymous. Sotheby's auctioneer Benoit Repellin called the diamond a "wonder of nature" and added that prices for the pink gems are going up as they become increasingly rare. The "Spirit of the Rose" was faceted from a 27.85-carat stone found in 2017 by diamond mining firm Alrosa in Russia's Sakha republic in northeast Siberia. Stay updated with BT newsletters Sign up By signing up, you agree to our Privacy Policy and Terms and Conditions. Your feedback is important to us Tell us what you think.

Email us at [email protected] It took around a year of painstaking work to cut the finished diamond to shape while preserving its pink colour. Pink diamonds are the rarest of the precious gems and the most in demand on the global market. The world record for a pink diamond dates back to 2017, when a stone known as the CTF Star Pink was sold in Hong Kong for US$71.2 million. Five of the 10 most expensive diamonds ever sold have been pink, Sotheby's said, with all sold within the past decade. Just this month, the biggest pink diamond mine in the world stopped production, as Australia's Argyle deposit that accounted for more than 90 per cent of global supply was exhausted.

AFP GENEVA (Reuters) - An extremely rare, purple-pink diamond mined in Russia, which Sotheby's described as "a true wonder of nature", sold for $26.6 million Swiss francs on Wednesday, the auction house said. Sotheby's had estimated that the flawless oval gem, "The Spirit of the Rose," could fetch $23 millon-$38 million at the Geneva sale. Bidding opened at $16 million and climbed to the final hammer price of $21 million, plus commission. Jewellery expert Benoit Repellin, who led the sale, said it set a record for a diamond graded fancy vivid purple pink sold at auction. The stone weighing 14.83 carats was the largest pink diamond with that colour grading to go on the block.

Coloured stones have been greatly valued as an asset class by the super rich in recent years with top-quality pink diamonds especially prized. The Argyle mine in western Australian, which produced the world's largest supply of pink diamonds, halted production last week due to depletion. Naturally coloured diamonds occur because they possess a particular lattice structure that refracts light to produce coloured, rather than white, stones. (Reporting by Stephanie Nebehay; Editing by David Gregorio) GENEVA - An extremely rare, purple-pink diamond mined in Russia, which Sotheby's described as "a true wonder of nature," sold for $26.6 million on Wednesday, the auction house said. Sotheby's had estimated that the flawless oval gem, "The Spirit of the Rose," could fetch from $23 million to $38 million at the Geneva sale.

The hammer price was 21 million Swiss francs. With commission, the final price was 24.4 million Swiss francs, or US $26.6 million. It was bought by a telephone bidder who chose to remain anonymous, Sotheby's said. Jewelry expert Benoit Repellin, who led the sale, said it set a record for a diamond graded fancy vivid purple-pink sold at auction. The stone weighed 14.83 carats and was the largest pink diamond with that color grading to go on the block. The diamond was named after a ballet performed by the Ballets Russes and its legendary dancer Vaslav Nijinsky in 1911. Mined by Russian diamond producer Alrosa in July 2017, it was cut from the largest pink crystal ever found in the country, Sotheby's said. The diamond was shown in Hong Kong, Singapore and Taipei. Colored stones have been greatly valued as an asset class by the super-rich in recent years, with top-quality pink diamonds especially prized. The Argyle mine in western Australia, which produced the world's largest supply of pink diamonds, halted production last week because of depletion. "The lucky buyer could well profit from prices soaring for pink diamonds in the coming years thanks to increased rarity," Tobias Kormind, managing director of 77 Diamonds, Europe's largest online diamond jeweler, said in a statement. Naturally colored diamonds occur because they possess a particular lattice structure that refracts light to produce colored, rather than white, stones. "The Spirit of the Rose", as the diamond became called, was one of 3 stones put up for auction by Russian mining company Alrosa, with each stone named after a famous Russian ballet, and was sold at auction by Sotheby's in Geneva, for an incredible £20.1 million, and at 14.8 carats, with its unique colour and flawless internal structure, it is the largest pink diamond ever sold at an auction. The reason for the huge sale price is that the diamond is so rare because 99% of all diamonds of its type are always under 10 carats.--Advertisement--Previously, the most expensive pink diamond sold was the CTF Pink Star, a 59 carat stone which sold at Sotheby's in Hong Kong in 2017, for £57million.