Sotheby’s Sells Pink Diamond Which is Pear Shaped for $32.5 Million

Sotheby’s Sells Pink Diamond Which is Pear Shaped for $32.5 Million
A bright pink diamond, shaped like a pear and rare, raised $32.5 million on Tuesday at an auction, reported Sotheby’s. However, numerous other huge stones did not go up to the reserve costs fixed by the traders. 

The ‘Unique Pink’ whose weight is 15.38 carats and fixed on a ring, was sold to a private collector in Asia, who bid by telephone, said the auction house.

This was the main attraction in Geneva, at the semi-yearly auction at the saleroom, whose estimate for presale was $28 million to $38 million.

‘A new world record was fixed for The Unique Pink for an elegant bright pink diamond…this is the highest cost ever paid for an elegant, bright pink diamond ring,’ David Bennet, the global chairman of the international jewelry division for Sotheby’s informed reporters.

The ‘Sweet Josephine,’ an elegant pink diamond whose mass is 16.08 carats, held the earlier record since being sold for $28.5 million in November at Christie’s, a competitor and still maintains the cost for each carat record in the group.

In general, the sale at Sotheby generated $175.2 million, ‘setting the latest global record for any auction for jewelry,’ stated Sotheby’s in a statement. It surpassed $160 set one year back.

Generally 83.2% out of the availed 488 found new owners. However, among the stuck ones was ‘The Emperor Ruby’ with a 3.6 million francs bid.

‘There were a number of stones which were unsatisfactory; however, in general, the sale was very fruitful,’ commented Bennett.

A collection of 29 jewels in Britain by Cartier, a French jeweler, was traded for $3.4 million, twice its low approximation, he remarked.

The late Alexandre Reza, a Paris jeweler, set a ‘new jewel world record. This was an elegant, deep blue diamond brooch encompassed with diamonds that traded for $13.4 million, he stated.

‘We have put in a lot of work to arrange a sale which we believed was appropriate for this specific market, which is powerful for the correct elements,’ said Bennett. ‘It appears to have worked.’

Speaking to Reuters in the showroom, Cora International LLC’s chairman, Ehud Arye Laniado said, ‘The time for selling is here. It is an extremely powerful price.’

‘We believe that gradually, the market is combining with individuals who have faith in powerful prices for elegant colored diamonds. This is a positive indication, as we come across individuals who believe in those stones’ resale value, such as art,’ he also said.

‘The tendency is going to shift to white diamonds.’