'Ultra-Rare' Purple-Pink Diamond Purchased At Auction For Record Price $26.6M

Nov 20, 2020 by apost team

When a rare pink diamond was unearthed in northeast Russia back in 2017, a year's worth of labor went into cutting and polishing the stone. Approximately 3 years later, the sale of that remarkable stone was recorded at a little over $26 million dollars (24.4 million Swiss francs) at an auction in Geneva in November of 2020.

The unique stone, which has a slight purple hue combined with pink, was actually cut from a much larger gem that weighed in at 27.85 carats, according to CNBC. It was found inside of a mine in an area called Sakha, located in northeast Russia by a mining company named Alrosa. With the original jewel being quite a rough cut, it took approximately one year just to get the stone smooth and polished just right, according to CNBC.

The initial gem, which was presumed to have been the largest stone to have ever been mined in that country, came in weighing at approximately 27.85 carats. After months of getting the oval-shaped gem polished and cut to precision, the beautiful stone was then set on display in Taipei, Hong Kong and Singapore in preparation for its upcoming sale, according to The Sun.

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Having gotten its name from the Russian ballet title Le Spectre de la rose, the diamond, known as The Spirit of the Rose, was estimated by Sotheby's auction house to sell for as much as $38 million, according to The Sun. Benoit Repellin, head of the Geneva auction, explained that pink stones were some of the most expensive diamonds to sell in an auction, according to a press release. It is the color and size that plays a huge part in the rarity of the jewel.

The Spirit of the Rose has been graded as being a "Fancy Vivid Purple-Pink" and classified as being "internally flawless," according to Barrons. The rare diamond's clarity coupled with its rare hue and size are what help it to stand out as a cut above the rest. Less than 2 percent of pink diamonds are more than 10 carats and less than 5 percent of pink stones receive a grade of "Fancy Vivid," Schuler said in a press release. The Spirit of the Rose possesses these qualities all while displaying such a rich color, which makes this stone particularly exceptional.

After 3 years of its initial unearthing from a mine in northeast Russia, The Spirit of the Rose was sold for a whopping $26 million at a Geneva auction. The sale, according to Sotheby's, has made the marvelous purple-pink stone the most pricey diamond to ever sell at an auction. In a press release, Benoit Repellin stated that the sale of The Spirit of the Rose diamond was a "Testament to the growing appreciation and awareness of the great scarcity of pink diamonds around the world."

The Spirit of the Rose wasn't the only beautiful gem that night as it was accompanied by a variety of other expensive items at Sotheby's auction. The sale, coined the "Magnificent Jewels and Noble Jewels," included items that were sold as lots, such as a diamond pear-shaped pendant weighing more than 100 carats that sold for 1 million Swiss francs.

It seems that these gems have upgraded their best friend to pink because, according to Fancy Color Research Foundation, these beautifully hued diamonds are becoming much more expensive than any other color. Prior to The Spirit of the Rose, in 2017 there was another popular pink diamond named the Pink Star which was almost 60 carats. At that time, the jewel was considered to be the most expensive diamond to sell at an auction after having sold for more than $70 million. Before that, the highest amount paid for a pink diamond was over $45 million for approximately 24 carats, so clearly the value is steadily increasing.

As Repellin stated, it seems that the world is taking notice of the rarity of such jewels, and are willing to pay whatever cost to ensure that these gems are in their possession. Although The Spirit of the Rose was the most expensive pink diamond sold at an auction, the Pink Legacy diamond has a world record for being the most expensive gem per carat. These sales have done nothing but increase over the past decade, and as supplies become even scarcer, more and more people are wanting to possess them.

Would you be willing to pay such astronomical prices for a diamond if it is a rare gem? Do you have any rare items that you love to collect such as comic books or baseball cards? What is the most money you have ever paid for an item that was considered rare, or just something that you had to have? Share your story with us down below, and let's talk about it in the comments.