If Sotheby’s and the diamond community have anything to say about it, the recession is apparently over. At a recent auction in Geneva, Switzerland, a fancy intense pink diamond put up by a private owner hit the block and made a big splash. While it was expected to bring in something in the neighborhood of $30+ million dollars, it exceeded expectations and sold for a whopping $46 million, breaking the record for the highest price for a diamond at auction to date (and considerably bumping up the overall take for the auction).
The 24.78-carat beauty is a true rarity, listed in the top two percent of the world’s diamonds. Fancy pink diamonds aren’t too easy to come by anyway, but those over 20 carats are practically a legend. This one was purchased by Laurence Graff (of world-renowned Graff Diamonds Ltd.), who just a couple of years ago broke records by shelling out $24 million for the 35.56-carat grayish-blue Wittelsbach Diamond at Christie’s London. This time he was after a Harry Winston, which was last sold to a private party 60 years ago by Winston himself. Of course, it couldn’t hurt that the rectangular cut, spectacularly clear specimen is absolutely gorgeous, especially in a simple and understated setting that includes two triangular white diamond accents and a slim ring band. But of course, it is likely the exclusivity of the centerpiece that facilitated such a great sale price.
After making his purchase, Graff immediately dubbed it the “Graff Pink Diamond” (much like the Wittelsbach became the “Wittelsbach-Graff Diamond”) and pronounced it to be the most fabulous diamond he’s seen in the history of his career, which is no doubt saying a lot. The gem itself is practically flawless, which is almost mandatory in a stone of this size (and with a large table, no less). Sotheby’s mentioned that it does have one small flaw that cannot be seen by the human eye and which could be removed with non-invasive polishing. This is good news for anyone who feared that Graff, the man who re-cut the Wittelsbach Diamond despite a public outcry, might want to put his new purchase under the saw.
