Christie’s Hong Kong really made a switch in order to end the year on a high note in the Far East. They offered one of the most impressive diamonds of the year at their Hong Kong auction with a solid conviction that Fancy Color Diamonds continue to dominate despite soft prices throughout the year. The diamond made a record price and this confirms what investors voice to us – that they want perfection!
The Pink Promise vs. The Unique Pink
The Pink Promise diamond, the most expensive item sold at the auction in Hong Kong, has broken both records that were held by The Unique Pink since it was sold in May 2016 in Geneva.
The 14.93 Fancy Vivid Pink VVS1 oval shaped “The Pink Promise” diamond Image credit: Christie’s
The 15.38 Fancy Vivid Pink VVS2 oval shaped “The Unique Pink” diamond Image credit: Sotheby’s
The Pink Promise, a 14.93 carat Fancy Vivid Pink VVS1 oval shaped diamond, had the right depth of color to justify its selling price, that was valued between $28 million to $42 million, and ended up selling for $32.164 million, or $2.154 million per carat.
Back in 2016, The Unique Pink, a 15.38 carat Fancy Vivid Pink VVS2 pear shaped diamond was estimated to sell at a price between $27.5 million to $37.4 million, and ended up selling for $31.56 million or $2.052 million per carat.
The Pink Promise has broken both records held by The Unique Pink, one of which is a new world record!
The Pink Promise has broken the Unique Pink’s record for total price paid, but still remains second to “The Pink Star”, which currently holds the record for the highest price ever paid for any diamond or jewel at auction.
The world record that the Pink Promise diamond has broken is for price per carat paid for any pink diamond in the category over 10 carats in size. Currently, the highest per carat for all pink diamonds is still held by the 5.00 carat Fancy Vivid Pink sold back in December 2009 for $2.155 million per carat (a mere $1,016 per carat price difference).
The 5.00 carat Fancy Vivid Pink diamond Image credit: Christie’s
It important to note that the official Selling price before fees and commission was HKD $220,000,000, or USD $28,321,260 according to Christie’s. This gives an official exchange rate of HKD $7.76801597 according to the value board at the auction. After the fees and commission, the final price is HKD $ 249,850,000, which translates to USD $32,163,940.10 using the same exchange rate on the board. Based on this, the official per carat price paid is USD $2,154,316.15 to be exact.
More Pink Diamonds
Another Pink diamond that sold that evening was the 8.80 carat Fancy Intense Pink VVS1 diamond. It was estimated by Christie’s to sell at a price between $8.75 million to $9.65 million, and ended up selling for $9.71 million or $1.104 million per carat.
The 8.80 carat Fancy Intense Pink VVS1 diamond Image credit: Christie’s
The 5.39 carat, Fancy Purplish Pink IF pear shaped diamond was estimated to sell at a price between $1.65 million and $2.31 million. The diamond ended up selling for $1.866 million, or $346k per carat.
The 5.39 carat Fancy Purplish Pink IF pear shaped diamond Image credit: Christie’s
The only yellow diamond of significant value sold this auction was the 9.05 carat Fancy Vivid Yellow diamond with VVS1 clarity. It was estimated to sell for $1.25 million to $1.9 million, and ended up selling for $1.63 million or $180.6k per carat, which is a correct price level for a Zimmi yellow diamond.
The 9.05 carat Fancy Vivid Yellow diamond Image credit: Christie’s
This auction brought very good news for the industry, and we look forward to reporting the last few auctions which will take place in New York next week. Got any questions about pink diamond pricing or how the industry performed this year? Ask us in the comments!