Rare 10.07-Carat Pink Diamond Could Sell for up to $12 Million at Auction

(IDEX Online News) – A rare, 10.07-carat pink diamond ring bought for $2 million in 2007, will be sold in a worldwide auction at Christie’s, and has been valued at $8 million to $12 million.

The ring, bought by a South Florida man for his wife, is set with a fancy intense purple-pink cushion modified brilliant-cut diamond weighing approximately 10.07 carats flanked on either side by a triangular-shaped diamond and mounted in platinum and gold. Its potential value was realized, having been appraised by Gemological Institute of America (GIA) graduate gemologist and certified estate appraiser Andrew Kravit, of Kravit Estate Appraisals LLC.

Kravit said that although the couple appreciated the ring’s color, they had no idea of its worth at auction today, which despite the global financial recession, has increased by approximately 400 percent in the last nine years.

The couple asked Kravit to appraise their jewerly collection and he found that some items were undervalued, some overvalued and others that were about right. However, the 10-carat pink ring had been appraised for “only” $4.7 million.

Having engaged Kravit’s professional services, he contacted several auction houses on behalf of the couple, who decided that the ring should be sold at Christie’s. As a result, the ring will go on tour to Geneva, Hong Kong, Los Angeles and finally New York, where it will be sold on April 20 at the Magnificent Jewels auction.

"Pink diamonds in strongly saturated colors of over a carat are a rarity," said International Head of Jewelry for Christie's, Rahul Kadakia. "To locate an intense pink gem of over 10 carats is a real event in the world of jewelry auctions."

The majority of the world’s pink diamonds come from the Argyle Mine in Western Australia, whose supply is expected to run out by 2020. Prices are being driven upward by high demand from wealthy individuals and savvy investors.