The pink diamond became a highly coveted gemstone in 2002, and the 18.96-carat pink diamond dubbed ‘The Pink Legacy’ that will be auctioning at Christie’s Geneva Magnificent Jewels sale on November 13th is sure to reawaken that fervor.
The rectangular cut Pink Legacy, that had previously been unrecorded, is considered the most wanted item at the Christie’s auction and is estimated to sell for between $30-$50 million dollars. The pink legacy is the largest pink diamond Christie’s has ever auctioned. The diamond had previously been the property of the Oppenheimer family, who formerly owned the famed De Beers brand (De Beers is known for its fine diamonds). Its relation to the Oppenheimer family adds to the diamond’s value.
The Pink Legacy has been graded Vivid by the Gem Institute of America (GIA), the highest grade of the color mark because of the stone’s incredibly intense and vibrant hue. The diamond has very few flaws and is considered TYPE IIa, one of the rarest classifications making up less than two percent of all natural diamonds; it’s even more impressive in a colored stone this size. The rectangular cut of the stone is also unique in colored gems and is most common in white diamonds. All these factors are making it an incredibly rare piece of jewelry that will be highly coveted.
To date, the most fetched for a diamond at auction is $71.2 million for the fancy vivid pink diamond aptly named ‘CTF Pink Star’ the 59.6-carat oval mixed-cut stunner was sold by Sotheby’s Hong Kong in April 2017. CTF Pink Star was mined by De Beers in 1999 and weighed 132.5 carats as a rough diamond.
The Pink Legacy stands to challenge the 14.93-carat oval cut ‘Pink Promise’ that sold in November 2017 for more than $2.17 million per carat.
If the Pink Legacy auctions at the high end of its estimated price of $50 million, it will come in third place for the most expensive diamond ever auctioned. With the Oppenheimer Blue Diamond taking second, selling for $57.2 million.
Before the diamond goes to auction it will go on a global tour to Hong Kong, London, New York, and Geneva, giving collectors and diamond lovers a chance to see the beautiful gem in person. The auction will take place in Geneva at the Four Seasons Hotel des Bergues.