‘The Spirit of the Rose’ Purple-Pink Diamond can get $ 38M at Sotheby’s auction

written by Oscar Holland, CNN

An “ultra-rare” purple-pink diamond is set to go under the hammer, with auction house Sotheby’s estimating it could fetch up to $ 38 million.

The 14.83-carat stone, called “The Spirit of the Rose”, will go on sale in Switzerland next month, more than three years after it was pulled from a mine in northeastern Russia.

The jewel was also cut from a large rough diamond unearthed by the mining company Alrosa in 2017, taking its name from the 1911 Russian ballet “Le Spector de la Rose”. It then weighed 27.85 carats, with the initial discovery being considered the largest pink. The crystal was never discovered in the country.

The jewel was cut from a rough diamond of 27.85 carats discovered in a mine in Sakha, northeast Russia. Credit: Sotheby’s

It took over a year to cut and polish the oval-shaped stone, which would go on display in Hong Kong, Singapore and Taipei before reaching Geneva for a November 12 sale.

According to Sotheby’s jewelry division president Gary Shuller, the rarity of the diamond is a result of its shape and color, classified as “fancy vivid purple-pink”. The jewel is classified as “intrinsically innocuous”, a measure of its clarity, while the stone belongs to a rare subgroup of diamonds that do not contain nitrogen.

“Only 1% of all pink diamonds are larger than 10 carats and only 4% of all pink diamonds are classified ‘fancy vivid’ and exhibit a rich, bright color,” Schuler said in a press statement. “Having the opportunity to offer a large polished pink diamond with the richness of color and the richness of The Spirit of the Rose is therefore truly extraordinary.”

The auction house Sotheby's estimates that the diamond will sell for between $ 23 million and $ 38 million.

Auction house Sotheby’s estimates that the diamond will sell for between $ 23 million and $ 38 million. Credit: Sotheby’s

Rising prices

Pink diamonds are growing faster than any other color, according to the non-profit organization Fancy Color Research Foundation, which found prices rose by 116% between 2010 and 2019.
In 2017, a 59.60-carat pink diamond known as the Pink Star became the most expensive jewel ever sold at auction, when it went to Sotheby’s, Hong Kong for $ 71.2 million. Prior to that, the previous world auction record for pink diamonds was $ 46.16 million, paid for a 24.78-carat graph pink in Geneva in 2010.

Related Video: The 18.96-carat Pink Legacy 2018 holds a world record for the highest price per carat for pink diamonds.

The head of next month’s auction, Benoit Reppelin, said the pink stones are now five of the 10 most valuable diamonds sold at auction.

“These extraordinary sales are a testament to all the growing appreciation felt over the past decade, and awareness of the great scarcity of these natural treasures worldwide,” he said in a press statement, “and these beautiful stones With the supply ever more limited, they are likely to become even more prized. “

Rose’s Soul will join 25 other valuable lots in the sale of Sotheby’s “Fantastic Jewels and Noble Jewels”. Monday’s announcement comes exactly one week after the sale of an exceptionally rare 102.39-carat white diamond at the auction house’s Hong Kong outpost for $ 15.7 million.

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