Logo of Phnom Penh Post newspaper Phnom Penh Post - ‘Incomparable’ pink diamond set to smash record



‘Incomparable’ pink diamond set to smash record

Content image - Phnom Penh Post
The Pink Legacy, a 18.96 carat fancy vivid pink diamond once owned by Oppenheimer family is displayed on November 8 in Geneva. FABRICE COFFRINI/AFP

‘Incomparable’ pink diamond set to smash record

AN EXCEPTIONALLY rare 19-carat pink diamond goes under the hammer in Geneva on Tuesday, when it could fetch $50 million, setting a new record for a stone of its kind.

The Pink Legacy used to belong to the Oppenheimer family, which for decades ran the De Beers diamond mining company, but auction house Christie’s refused to say who the current owner was.

Christie’s international head of jewellery, Rahul Kadakia, described The Pink Legacy as “one of the world’s greatest diamonds”.

The rectangular-cut diamond has been graded “fancy vivid” – the highest possible grade of colour intensity.

Christie’s has noted that in the salesroom, fancy vivid pink diamonds over 10 carats are “virtually unheard of” and that only four vivid pink diamonds or over 10 carats have ever been offered at auction.

One of them, the nearly 15-carat Pink Promise, was sold last November at a Christie’s auction in Hong Kong for $32.5 million. That amounts to $2.176 million per carat, which remains the world auction record price per carat for any pink diamond.

Eddie LeVian, CEO of jewellers Le Vian, said that record could fall at Tuesday’s auction, which was being held at the ultra-luxurious Four Seasons des Bergues hotel on the banks of Lake Geneva.

“We’ve recently witnessed a meteoric rise in the number of the world’s ultra-high net worth individuals who view rare, natural fancy colour diamonds as investments,” Le Vian said in a statement.

“I therefore believe the Pink Legacy will beat the current world auction record,” he added.

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.

“Imagine a domino that you have cut the corners off of,” Jean-Marc Lunel, an international jewellery specialist at Christie’s, recently told AFP, pointing out that the cut is a “classical so-called emerald cut”, which stands out from the typical, more rounded, multi-facetted cuts used today.

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

Christie’s said the Pink Legacy is “the largest and finest Fancy Vivid Pink diamondever offered at auction by the company,” calling the stone “incomparable”.

“It is probably the most beautiful [specimen] ever presented at public auction,” Lunel said.

MOST VIEWED

  • Hun Sen: Stop Russia sanctions

    Prime Minister Hun Sen said sanctions against Russia as a result of its military offensive in Ukraine should be stopped as they have produced no tangible results, and predicted that a global food crisis would ensue in 2023 as a consequence. Speaking to an audience at

  • Chinese tourists 2.0 – Coming anytime soon?

    Regional tourism is grappling with the absence of the prolific travellers and big spenders – the Chinese tourists. Cambodia, which has welcomed over two million Chinese tourists before Covid-19, is reeling from the economic loss despite being the first to fully open last November ‘To put

  • PM reflects on shoe throwing: Free speech or act of violence?

    Prime Minister Hun Sen on May 17 questioned whether a man who threw a shoe at him while he was in the US was exercising freedom of expression or if it was an act of hostility. Hun Sen was referring to an incident last week when

  • Siem Reap’s Angkor Botanical Garden opens

    The Angkor Botanical Garden was officially opened on May 19 with free entry for both local and international visitors for the first six weeks. The garden was established on a nearly 15ha plot of land in Siem Reap. “After the first six weeks, Angkor Botanical Garden

  • Pub Street on the cards for Battambang

    The Battambang Provincial Authority has announced that it is considering establishing a Pub Street in the area around the heritage buildings in Battambang town in a bid to attract more tourists. Battambang provincial governor Sok Lou told The Post that the establishment of a Pub

  • Hun Sen: Don’t react to hostility

    Prime Minister Hun Sen urged tolerance and thanked members of the Cambodian diaspora for not reacting to the hostility on display towards him by others while he was in the US to attend the May 12-13 ASEAN-US Special Summit in Washington, DC. In an audio