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'Incomparable' $50m pink diamond smashes record at Geneva auction

World Desk | newsbangladesh.com
Inserted: 10:27, Wednesday 14 November 2018


'Incomparable' $50m pink diamond smashes record at Geneva auction - World
The Pink Legacy, a nearly 19-carat 'fancy vivid' pink diamond, was once owned by the Oppenheimer family. AFP / Fabrice COFFRINI

An exceptionally rare pink diamond of nearly 19 carats fetched 50.3 million Swiss francs ($50 million, 44 million euros) at auction in Geneva Tuesday, Christie's said, setting a new per-carat record for a stone of its kind, reports AFP.

The Pink Legacy, which once belonged to the Oppenheimer family who for decades ran the De Beers diamond-mining company, was snapped up by American luxury brand Harry Winston, part of the Swiss Swatch group.

"$2.6 million per carat. That is a world record per carat for a pink diamond," said Francois Curiel, head of Christie's in Europe, of the price that included all fees and commissions.

The 18.96-carat diamond was discovered in a South African mine around a century ago, Christie's said. It was probably cut in the 1920s and has not been altered since.

The stone was immediately rechristened the "Winston Pink Legacy" by its buyers.

Christie's international head of jewellery, Rahul Kadakia, described it as "one of the world's greatest diamonds".

The rectangular-cut stone has been graded "fancy vivid" -- the highest possible grade of colour intensity -- as it has no trace of another hue like purple, orange or brown.

Most pink diamonds weigh less than one carat and those in the top colour category with more than 10 carats are virtually unheard of at auction houses.

The Pink Legacy is classed as Type IIa, meaning it is extremely chemically pure, a category only two percent of diamonds fall into.

Diamonds for the mega-rich. AFP / Gal ROMA

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

Christie's said the Pink Legacy is "the largest and finest Fancy Vivid Pink diamond ever offered at auction by the company", calling the stone "incomparable".

Christie's said only four vivid pink diamonds of over 10 carats have ever been offered at auction.

One of them, the nearly 15-carat Pink Promise, was sold last November at a Christie's auction in Hong Kong for $32.5 million.

That amounts to $2.176 million per carat, which was previously the world auction record price per carat for any pink diamond.

The Pink Legacy's record-smashing price accounted for nearly half the takings at Tuesday's auction, which saw total sales of more than $110 million, according to Christie's spokeswoman Alexandra Kindermann.

While 86 percent of the lots found a buyer, a big heart-shaped white diamond of 53 carats, expected to fetch around $3 to 5 million, went unsold.

 

AFP/newsbangladesh.com/tbs

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