rare pink diamond aims for 30 million haul
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Rare pink diamond aims for $30 million haul

Arab Today, arab today

Arab Today, arab today Rare pink diamond aims for $30 million haul

The rare 37.3-carat stone, which the auction house was hoping would entice bids of up to $30 million.
Geneva - Arab Today

An extremely rare 37.3-carat pink diamond goes under the hammer Wednesday as the top offer at Sotheby's jewel sale, after rival auction house Christie's sold a whopping gem for nearly $34 million.

The twice-yearly precious jewel sales held at glitzy hotels overlooking lake Geneva have been raking in eye-watering sums in recent years and the demand for coloured diamonds remains strong.

Sotheby's has put a target price of $30 million (25 million euros) on the "Raj Pink", which was discovered as a rough crystal in South Africa in 2015, before being refined by a master cutter.

That price would be far short of the record $71.2 million (60 million euros) that the 59.6-carat "Pink Star" earned in April, the highest amount ever paid for any gemstone at auction.

But the Raj Pink will still be a unique acquisition for Wednesday's successful buyer, according to the Gemological Institute of America, which certified the diamond as a "Fancy Intense Pink", meaning it has unusually clear and natural colour.

"Only on the rarest occasions do diamonds with vibrant, shocking colour like the Raj Pink's emerge", the GIA said.

The top price ever earned at auction in the Fancy Intense Pink category came in 2010, when "The Graff Pink" went for a $46.2 million.

Sotheby's will be looking to beat expectations for the Raj Pink, which Christie's failed to do at its sale in Geneva on Tuesday.

The 163.41-carat and completely colourless "Art of Grisogono" sold for 33.5 million Swiss francs ($33.8 million), after taxes and commissions.

Christie's labelled that a world record for a gem of its kind, meaning it was the highest price ever earned at auction for a so-called D colour diamond.

But an industry expert said the price paid by the anonymous buyer fell short of expectations and may be a warning sign of a softening diamond market.

"I am disappointed that the Art of de Grisogono didn't sell for a more dazzling price" said Tobias Kormind, head of 77 Diamonds, a major European online diamond jeweller.

"This is a worrying sign for the top end of the diamond market suggesting it is not as immune as one would have hoped to downward price pressures caused by global factors such as the Chinese slowdown, Russian sanctions and lower oil prices," he added in a statement.

Source: AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rare pink diamond aims for 30 million haul rare pink diamond aims for 30 million haul

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

rare pink diamond aims for 30 million haul rare pink diamond aims for 30 million haul

 



GMT 20:53 2018 Monday ,22 October

PM Imran Khan to leave for Saudi Arabia today

GMT 08:20 2018 Tuesday ,16 January

Lamborghini races to new sales record

GMT 00:19 2017 Wednesday ,13 December

Switzerland chainsaw attack: 5 hurt in Schaffhausen

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 20:53 2017 Tuesday ,07 March

Syrian forces retake Aleppo water-pumping station

GMT 11:15 2017 Monday ,01 May

Hanan Metawe reveals details of her accident

GMT 03:07 2017 Monday ,27 March

Bulgaria's Borisov bounces back again

GMT 22:18 2017 Thursday ,16 November

Hariri to arrive in France Saturday to meet Macron

GMT 06:43 2017 Monday ,13 February

Pakistan retaliates after US denies politician visa

GMT 07:49 2017 Tuesday ,28 November

Hussein Fahmy underlines financial sources
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday