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'Picasso' Pink Diamond Sold For $32 Million, Alrosa’s Purest 'Dynasty' Stone To Follow

Kitco News

(Kitco News) - A very rare 14.93-carat pink diamond was sold for a staggering $32 million at Christie’s Magnificent Jewels auction in Hong Kong on Tuesday, while miner Alrosa gets ready to auction off the most expensive precious gem that was ever polished in Russia.

The big news on Tuesday was the sale of the Fancy Vivid VVS1 pink diamond, which Christie’s described as the “Picasso of the Pink Diamond world.” The final sale price was $31,861,000, which translates to about $2.13 million per carat.

The gem, also known as The Pink Promise Diamond, is an oval stone set in a ring and surrounded by smaller diamonds. The auction for the precious stone lasted three minutes. Originally, it was estimated to go for $42 million.

Nevertheless, this was considered a very successful sale, which follows a failed attempt to auction off a 37-carat Raj Pink diamond, the cost of which was projected to be at $30 million.

Pink diamonds are very rare, with one setting a record sale price earlier this year at Sotheby’s auction in Hong Kong, when a breathtaking 59.6-carat diamond known as the Pink Star was sold for $71 million. 

The next big event in the diamond world will come on Wednesday when Alrosa auctions off a 51.38-carat diamond of unprecedented quality to ever come out of Russia. 

Image of the Dynasty Diamond Courtesy of Alrosa

The diamond is part of the Russian miner’s Dynasty collection that is made up of five polished gems that were all created from a 179-carat rough diamond named Romanovs, which was recovered in 2015 from Alrosa’s diamond mine in Russia's far eastern Yakutia region.

At this point, more than 130 people have lined up to participate in the online auction that will see all five gems sold off, according to Alrosa, the world’s top diamond producer by output.

“We have obtained amazing quality diamonds. And the main diamond, The Dynasty, has become the purest of the largest diamonds throughout the history of jewelry in our country,” Alrosa's president Sergey Ivanov said back in August.

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