The most expensive gem in the world: $71.2 million pink diamond

The Washington Post reported this month that the world’s most expensive gemstone is now a pink diamond that sold for a whopping $71.2 million.

The rare pink diamond called “Pink Star” is known for its oval shape and vividly pink hue. It became the most expensive gemstone ever sold at an auction on Tuesday April 4, 2017. The record sale price of $71.2 million was recorded at auction in Hong Kong.

“Pink Star” is the largest fancy vivid pink diamond ever graded by the Gemological Institute of America. Diamonds that are graded “fancy vivid” are the most precious and desirable, according to the Sotheby’s website.

The diamond’s new owners are no strangers to diamonds: Pink Star’s buyer is Hong Kong-based jewelry empire Chow Tai Fook.

The diamonds has been renamed the CTF PINK STAR. It weighs 59.60-carat and is cut into oval mixed-cut. It is the largest Internally Flawless Fancy Vivid Pink diamond that the Gemological Institute of America (GIA) has ever graded in its 86 year history. The diamond has received the highest colour and clarity grades from the GIA for pink diamonds and has been found to be part of the rare subgroup comprising less than 2% of all gem diamonds – known as Type IIa: stones in this group are chemically the purest of all diamond crystals and often have extraordinary optical transparency. The stone was mined by De Beers in Africa in 1999. The original diamond was a 132.5-carat rough which was meticulously cut and polished over a period of two years and transformed into this stunning gemstone.

The record holder for a pink diamond sold at auction had been previously held for 7 years by a stone known as “Graff Pink,” which weighs close to 25 carats. Graff Pink had gone to auction at Sotheby’s in Geneva in 2010 where it sold for a cool $46.2 million.

Investing in pink diamonds

A cursory look at pink diamonds as investments shows that they compare favorably to many other physical assets. Apart from the fact that they are much easier to store and transport than just about any other asset, pink diamonds are also the rarest commodity on earth. They are also beautiful.

Infographic | Investments compared: Colored diamonds vs stocks, oil, goldBut before rushing off to buy the first pink diamond that you come across it’s not a bad idea to research which jewelers are able to not only provide you with high quality stones, but have experience in dealing with investors looking for long term value. Buying pink diamonds is a little different to buying an engagement ring. There are factors which are of interest to engagement ring diamonds buyers which are not as much of a concern to investors. A pink diamond purchased as an investment may or may not be set in a ring. The investor will determine whether or not setting it in a ring is a consideration. Knowing about engagement rings is one thing. Investing in colored diamonds is another. Historically engagement ring diamonds take much longer to appreciate in value and may not appreciate enough to make much of a difference if the diamond is overpriced to begin with. As with any investment the price at purchase will affect the long term return. It’s paramount to deal with a jeweler who is not only experienced at selling jewelry for ornamental uses but is also experienced at selling fancy colored diamonds as an investment.

Where to buy pink diamonds

Leibish works with many clients to find quality color diamonds to invest in. They provide their clients with a clear understanding of the ins and outs of investing in colored diamonds, and are able to provide their clients access to pink diamonds as well as to an array of diamonds in many different colors. You can download a pdf version of the Leibish.com glossy brochure on investing in colored diamonds which is a good starting point. The brochure provides some detail on a few different ways to get into investing in colored diamonds which can then be discussed in further detail directly by phone or through their online chat.

Leibish.com provides investors with information on fancy color diamond investment.
Leibish.com provides investors with information on color diamond investment.

 


sources:

https://en.wikipedia.org/wiki/Gemological_Institute_of_America

http://www.sothebys.com/en/auctions/2017/the-pink-star-hk0770.html

https://www.washingtonpost.com/news/speaking-of-science/wp/2017/04/04/rare-pink-star-diamond-is-now-the-most-expensive-gemstone-in-the-world-71-2-million/