USA: Christie's to auction rare, 10 carat pink diamond, estimated to sell for more than 12 million dollars (USD)

Record ID: 826497

  • Title: USA: Christie's to auction rare, 10 carat pink diamond, estimated to sell for more than 12 million dollars (USD)
  • Date: 10th April 2011
  • Summary: NEW YORK CITY, NEW YORK, UNITED STATES (APRIL 8, 2011) (REUTERS) JEWELRY ON DISPLAY AT CHRISTIE'S AUCTION HOUSE AHEAD OF UPCOMING AUCTION MODEL WEARING 10.09 CARAT FANCY PURPLE-PINK DIAMOND SET IN A RING VARIOUS OF 10.09 CARAT FANCY PURPLE-PINK DIAMOND ESTIMATED TO SELL FOR BETWEEN 12 AND 15 MILLION DOLLARS (USD) (SOUNDBITE) (English) RAHUL KADAKIA, HEAD OF JEWELRY AT
  • Embargoed: 25th April 2011 13:00
  • Keywords:
  • Location: Usa, Usa
  • Country: USA
  • Topics: Light / Amusing / Unusual / Quirky
  • Reuters ID: LVA9AEVTXYHS2WEWS3IKK9KVDIYP
  • Story Text: Pink diamonds are a hot commodity lately, and Christie's is hoping this trend continues through its upcoming jewelry sale in New York City.
    The top lot in the auction house's Spring Jewelry Sale is a 10.09 carat vivid purple-pink diamond that they estimate will sell for upwards of 12 million dollars (USD). The ring went on display on Friday (April 8) with a professional model on hand to give people a sense of the size and color of the gem.
    Rahul Kadakia, the head of Jewelry for Christie's in New York, said the stone is a superb example of a pink diamond.
    "Within vivid colored stones you have vivids and you have vivid plus, if you may, and the stone is superbly saturated, one of the strongest colors we've seen and in a very important size, a 10 carat vivid pink should have been 20-plus carats in the rough, so you've sacrificed a lot of the rough material to get to this important size," she said.
    Christie's says in the past 15 months, four pink diamonds have sold for more than 1 million dollars per carat, topped by a 5-carat vivid pink stone that sold for more than 2.1 million dollars per carat in Hong Kong in 2009.
    "Given what's been going on with those prices, given the market and given demand and this really short supply of important gems, we think the stone is going to make anywhere between 12 and 15 million dollars," said Kadakia.
    Kadakia says likely buyers of stones of this caliber include diamond merchants, private collectors, and banks.
    "Jewels especially are doing well right now because a lot of savvy investors are hedging the currency fluctuations with important diamond purchases. So it's a nice way to put aside a good amount of money and enjoy it while you're at it," said Kadakia.
    Christie's is also offering diamonds in a range of colors, including a large 37.16 carat traditional D-color stone estimated to sell for between 4.2 and 4.8 million dollars, a 50.29 carat fancy vivid yellow diamond priced at 2 to 3 million dollars, and a smaller by comparison, but rare 3.25 carat fancy vivid blue diamond also estimated to sell for between 2 and 3 million dollars.
    Other items in the sale include a matched set of Colombian emeralds and diamond necklace, brooch and ear pendants by Van Cleef & Arpels, and countless other gems of all types and sizes.
    The sale takes place in New York on April 12, 2011.
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