Colored diamonds have been making headlines this year and that was the case again at the Christie’s Jewels: The Hong Kong Sale December 1. A rare, 5-carat Fancy Vivid Pink cushion shaped diamond ring sold for $10.8 million, setting a new record for total price for a pink diamond sold at auction and a new record for price-per-carat at auction.
The pink cushion-cut diamond was set in a platinum and 18-karat rose gold mounting designed by famous jewelers Graff Diamonds with a pair of matched white shield-shaped diamonds. The pink color is a rich bubblegum hue with even saturation, seldom seen in natural pink colored diamonds. The pink diamond is also a rare type IIa diamond and the high price reflects not only its exceptional beauty, but also its extreme rarity.
Purchased by a private Asian buyer, the exceptional diamond sold for almost double its pre-auction estimated value. The diamond was strategically auctioned in Hong Kong because China’s retail market is recovering faster than American and European markets. The Asian market for high-end, big-ticket collectible goods is very aggressive due in part to the optimism of the financial markets in that area.