Published: Wed, November 14, 2018
Markets | By Otis Pena

'Incomparable' $50m pink diamond smashes record at Geneva auction

'Incomparable' $50m pink diamond smashes record at Geneva auction

In addition to diamonds, a painting by British artist David Hockney is scheduled to be sold at Christie's Post-War and Contemporary Art Evening Sale at New York's Rockefeller Center on November 15 for around $80 million.

And a diamond like the famed Pink Legacy - which is extraordinarily vivid for such a large diamond, weighing in at a whopping 18.96 carats - is so unusual that it has been called "as good as it gets" for a colored diamond, according to Rahul Kadakia, International Head of Jewellery at Christie's auction house.

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 Pink Legacy was bought by renowned jeweler Harry Winston.

Christie's global head of jewellery, Rahul Kadakia, described it as "one of the world's greatest diamonds".

He pointed out that the diamond has a "classical so-called emerald cut" - standing out from the typical cuts used today, which are more rounded and multi-faceted.

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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.

Then in November 2017, the Pink Promise sold for $32.5 million at Christie's Hong Kong.

The classic rectangular cut is traditionally used for white stones, but is rare for pink diamonds.

Most pink diamonds of this color weigh less than 1 carat, the auction house - which was holding its semi-annual jewellery sale - said.

"It is probably the most handsome (specimen) ever presented at public auction", Lunel said. On Wednesday, Sotheby's will auction jewelry once owned by French Queen Marie Antoinette that hadn't been seen in public for 200 years.

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