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Dubai: Will June 8 Pink Diamond Auction Set New Record?
Sotheby’s thinks that’s a real possibility that could happen with “Eternal Pink,” which is currently on display in Dubai and will be auctioned in New York on June 8. Its full 10.57 carats sparkle.
“The current record price for a diamond sold at auction is $5.1 million per carat set last October,” said Sotheby’s Dubai jewelery specialist Sophie Stevens. Color is estimated at $3 million per carat, and by the time it goes to auction, we’re very hopeful we’ll break the record—or come very close.”
Eternal Pink has an estimate of $35 million. In October 2022, the Williamson Pink Star fetched $57.7 million.
Eternal pink isn’t the only gemstone attracting attention at DMCC’s Dubai Diamond Bourse. “Estrela de FURA 55.2” is the largest and most valuable ruby at auction. The estimate is set at $30 million.
This is the second time the ruby has arrived in Dubai, an earlier version – weighing 101 carats – was exhibited last fall. (The stone caused quite a stir when it was discovered in Mozambique.)
Both stones are set in the ring so that all their facets can be seen better.
Stock-Ruby-Diamond
Image Credit: Supplied
These are unusually vivid times when it comes to selling diamonds (or gemstones) at auction. Investor demand for tangible assets is growing, and one of the rarest of them all has attracted an influx of investors. Headwinds to inflation or the global economy do not appear to be affecting buyer choice in this space.
The only cut that matters is the stone they are scrambling to buy. These investors approach these opportunities very clearly.
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