A 10.09-carat cushion-cut purple-pink diamond ring is hitting the auction block at Christie’s in New York Tuesday, expected to bring $12 million to $15 million as part of the auction house's Magnificent Jewel Sale.
“Collector demand for large colored diamonds has never been stronger, especially where pink diamonds of this size and quality are concerned” says Rahul Kadakia, Head of Jewelry at Christie’s New York.
Only a few mines in the world produce pink diamonds, which come from a distortion of the crystal lattice in the stone while it is forming within the earth’s crust.
If the past is any sign of what’s to come Tuesday, pink diamonds over the last two years have sold at record prices. In November, Christie’s Hong Kong set the world record price for any jewel sold at auction in Asia, selling a 14.23-carat Perfect Pink rectangular cut stone for more than $23 million, or $1.6 million per carat.
The Vivid Pink also sold in Hong Kong, in December 2009, for $2.1 million per carat and setting the world auction record for price per carat.
Size matters for pink diamonds. Fewer than 10% of all pink diamonds mined weigh more than 0.20 carats. Kadakia says the large size and strong saturation set the vivid pink apart, which is why it will go on to sell at a record price and position it to become one of this season’s top-selling diamonds.