2016 was arguably the Year of the Colored Diamond, breaking records over and over again at auction selling infamous diamonds like the Oppenheimer Blue Diamond (left) that sold for $57.5 million and the Unique Pink Diamond (below) that sold for $31 million. The trends from just the last 15 years show a favorable spike for the rare stones and their investors- a decade and a half ago, the highest selling diamond was around a mere half-million- today, the prices seem to double overnight.
However, with all of the beautiful colored diamonds sitting on the auction bench, regardless of the ever-increasing prices, we are looking at a potentially saturated market. Diamonds like Shirley Temples 9.54 ct Fancy Deep Blue was expected to fetch over $30 million at auction, and instead fell flat, unsold at $22 million. Similarly, an 1,109ct- yes I said 1,109 carats- rough diamond from Botswana, the largest diamond found in over 100 years, was slated to fetch $70 million at Sotheby’s but also failed to sell.
This year colored diamonds will be hitting auction blocks again and this time the Pink Star 59.6ct Fancy Vivid Pink oval shaped diamond valued at a cool $60 mil is taking center stage. This diamond is being very carefully watched right now as it is not only a very unique stone, but this is it’s second visit to the auction house in recent years. The stone was sold in 2013 for an even higher price tag- $83 million, the highest price for a diamond ever paid, still to this day- however the power-group of buyers reneged on the deal. In February 2014, Sotheby’s confirmed the rumors in its annual report, saying the diamond is now part of its inventory valued at approximately $72 million. The auction house reportedly had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the diamond. Fast forward to today, the Pink Star type IIA diamond is expected to be auctioned off in Hong Kong within the week, on August 4, 2017, and this time around pink diamond has the ability to not only break the record of the $57.5m Oppenheimer Blue, but to completely shatter it.
“At a time of unprecedented demand for the finest in colored diamonds, I am delighted to be bringing this magnificent stone back to the market. The extraordinary size of this 59.60-carat diamond, paired with its richness of color, surpasses any known pink diamond recorded in history,” David Bennett, worldwide chairman of Sotheby’s Jewellery Division, said in a statement.