Sotheby’s (NYSE:BID) will auction the world’s largest intense pink diamond for an estimated $20 to $30 million at its Magnificent Jewels and Noble Jewels sale in November.
The 37.3-carat diamond is being sold by an anonymous owner who named it the “Raj Pink” based on the Sanskrit word for “king,” the company said in a statement.
“The discovery of any pink diamond is exceptional, but the Raj Pink’s remarkable size and intensity of color places it in the rarefied company of the most important pink diamonds known,” commented David Bennett, chairman of Sotheby’s international jewelry division.
The Gemological Institute of America (GIA) certified the diamond, which was discovered in 2015, describing its hue as “a very bright and ravishing fancy intense pink colour.”
“For a diamond to display strong, unmodified pink colour like that observed in ‘The Raj Pink’ is rare, particularly at so considerable a weight,” the GIA is quoted as saying in Sotheby’s statement.
Of all diamonds submitted to the GIA each year, less than 0.02 percent are predominantly pink. The discovery of a gem-quality pink diamond of any size is an extremely rare occurrence.
“It is a wonderful shape. It is a cushion modified diamond, with a lot of brilliance, a lot of facets, when you move it around and sort of have it on your finger,” Sotheby’s senior jewelry specialist Daniela Mascetti told Reuters.
The current record holder for a fancy intense pink diamond is the 24.78-carat “Graff Pink,” which sold for more than $46 million in Geneva in 2010.
The “Raj Pink” will be on view in London until October 17 before taking center stage at the Geneva-based Magnificent Jewels and Noble Jewels sale on November 15.
On Monday (October 16), Sotheby’s share price was up 1 percent, at $50.34. The company’s share price has been surging since the beginning of the year, and is up almost 27 percent year-to-date.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.