Pink diamond breaks world record

A fancy pink diamond weighing 5.03 carats sold this week for more than $2.9 million, setting a new auction world record of $583,551 per carat for a diamond of its kind.

The rock was auctioned at a sale organized by Bonhams London Fine Jeweller, which beat Sotheby’s Geneva previous record of $528,021 per carat for a fancy pink.

According to Emily Barber, Director of Jewellery at Bonhams UK, the stone’s features explain why it sold at such a high price. “This was due to a number of factors: its size – it's exceptionally rare to see a pink over five carats on the market today; its even colour saturation and its extraordinarily elegant cut.”

In Barber’s view, with Western Australia’s Argyle mine forecast to cease operations by 2020 after 50 years of activity, the future of pink diamond mining is uncertain because there are no other known deposits with such a consistent production. Thus, she says the gems have started to increase in value.

“They are highly desirable to discerning collectors given their rarity and limited supply. A diamond like this would definitely be one of the most prized pieces in an important jewellery collection,” the executive added.