It's the size of a postage stamp, the color of bubble gum and the weight of about two pennies.
But the 16.08-carat pink diamond to be auctioned off by Christie's could fetch a whopping $28 million when it goes under the hammer next week. That would make it one of the 10 most expensive diamonds ever sold at auction.
The stone is a fancy vivid pink — meaning it's the purest form of pink diamond — with no trace of secondary colors such as purple, orange, brown or gray. And it's a cushion cut, which enhances the color.
Only three pure vivid pink diamonds larger than 10 carats have ever been put up for sale. Rahul Kadakia, Christie's international head of jewelery, said that with an estimate of between $1.4 million and $1.7 million per carat, the pink stone is a relative bargain.
It is estimated to sell for between $23 million and $28 million. While pricey, that's well below the most expensive diamond ever sold at auction. The 59.6-carat "Pink Star" diamond that Sotheby's sold in 2013 went for $83 million, but was bought back by the auction house after the buyer failed to pay.
"It adds up to a lot of money," Kadakia said about the 16.08-carat diamond. "But it's inexpensive for what it is. If you're looking to make a sizable investment on a color diamond, this is your stone."