'Pink legacy' diamond sells for $50m at auction

Lloyd Doyle
November 14, 2018

Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million.

Christie's has sold the "Pink Legacy" diamond at auction for more than $65 million including fees, saying it's a new world record price per carat for a pink diamond.

Christie's global head of jewellery, Rahul Kadakia said the Pink Legacy was sold to American luxury brand Harry Winston, which belongs to the Swiss Swatch group.

"$2.6 million per carat".

"This stone is for me the Leonardo da Vinci of diamonds", he added.

If you happened to have enormous quantities of cash burning a hole in your pocket, the Pink Legacy could have been yours.

Rahul Kadakia, Christie's head of worldwide jewelry, said that auction house has only sold four diamonds weighing more than 10 carats of the same color in its 251 years of history.

Graded "vivid", the highest rating for a pink diamond's color, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.

The stone was discovered in a South African mine around a century ago and was probably cut in the 1920 and has not been altered since, Christie's said. The rare emerald-cut stone goes under the hammer today.

Fancy Vivid Pink diamonds over 10 carats are extremely rare.

The diamond is an even rarer find because of its size, as Fancy Vivid Pink diamonds larger than 10 carats are "virtually unheard of", according to Christie's.

After five minutes of bidding, the 18.96-carat Pink Legacy became the world record holder for price paid per carat for a pink diamond at auction.

In November 2017, an 8.41-carat pink diamond sold for $17,768,041 (£11,438,714) in Hong Kong - more than $2.1m (£1.8m) a carat.

"It is probably the most lovely (specimen) ever presented at public auction", Lunel said.

Other reports by Iphone Fresh

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