Market NewsNewsPink diamond sells for $50 mn at Christie's

Pink diamond sells for $50 mn at Christie's

Harry Winston made the winning US$50 million bid for a pink diamond at an auction by Christie’s, setting a record price for price paid per carat for a gem of that hue, Bloomberg reported.

The 18.96-carat stone was the largest fancy vivid pink diamond ever offered at auction by Christie’s, and comes from the collection of the Oppenheimer family, the former owners of De Beers. It sold after five minutes of bidding, meeting the high estimate. The luxury diamond purveyor renamed it the Winston Pink Legacy, said the Bloomberg report.

The sale sends a signal that demand for the rarest diamonds is faring better than the bottom end of the market. De Beers cut prices of low-quality stones by as much as 10 percent at a sale this week, according to people familiar with the situation. The price for the latest acquisition was US$2.7 million per carat, beating the US$2.2 million record that was set by the Pink Promise in a Hong Kong auction last year, the Bloomberg report said.

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