Russian Pink Diamond Sets Record With $26.6M Sale At Sotheby's Geneva

A flawless 14.83-carat pink Russian diamond has been sold at Sotheby's in Geneva, Switzerland for $26.6 million — a record price for a purple-pink stone. 

The name of the bidder was not disclosed. 

The diamond, called “The Spirit of the Rose," was discovered in the alluvial mine in Russia’s Far East and is one of three stones in a collection by Russian mining company Alrosa PJSC, according to Bloomberg.

Rare Diamond? It is estimated some 142 million carats of diamonds were produced from mines worldwide in 2019. Diamonds are not rare, but compared to other gemstones, they are the most common precious stone found.

Rare and fine-quality diamonds and their perceived value are due to canny marketing which, in the mid-20th century, created the almost universal expectation in Western countries that an engagement had to be marked by a diamond ring as a symbol of an eternal commitment, reports the Wall Street Journal.

Record Diamond Sale: The Oppenheimer Blue holds the highest auction record for a diamond and sold for $50.6 million in May 2016.

The 14.62-carat gem was sold after 20 minutes of phone bidding at Christie's auction house in Geneva. Again, that buyer's identity is unknown.

Photo courtesy of Alrosa. 

Posted In: BloombergSotheby'sNewsCommoditiesMarkets

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