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18-carat 'Fortune Pink' diamond sold for over $28.5 million at Christie’s

18-carat 'Fortune Pink' diamond sold for over $28.5 million at Christie’s

18-carat 'Fortune Pink' diamond sold for over $28.5 million at Christie’s
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By CNBCTV18.com Nov 9, 2022 10:42:43 AM IST (Published)

Pink diamonds are one of the rarest gemstones on the planet with fewer than 10 percent of them weighing more than one-fifth of a carat.

A pear-shaped 18.18-carat pink diamond called the 'Fortune Pink' was sold at a Geneva auction for over 28.4 million Swiss francs (over $28.5 million) on Tuesday to an Asian customer. The exceptionally rare giant gemstone is the largest pear-shaped “fancy vivid pink” diamond to be ever sold under the hammer, as per Christie’s auction house, the organiser of the event.

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The 'Fortune Pink' diamond was mined in Brazil over 15 years ago and it was estimated to fetch between $25 million and $35 million. The auction house noted that the carat weight, 18.18, was considered a lucky number in Asia, where it signifies ‘definite prosperity’, thus giving it the name 'Fortune Pink'.
The diamond was auctioned in the Magnificent Jewels sale at the Hotel des Bergues during Christie's Luxury Week of sales in Geneva.
The bidding started at 17 million Swiss francs and lasted for a tense four minutes. There was a three-way battle between telephone bidders, and the winner claimed the diamond by upping the bid by half a million, CBS news reported.
The diamond was exhibited in Geneva then headed for a showroom tour to New York, Shanghai, Taiwan, and Singapore in October before returning to Switzerland.
What are pink diamonds?
Pink diamonds are one of the rarest gemstones in the world as they are only found in a few places. Fewer than 10 percent of these diamonds weigh more than one-fifth of a carat.
Even though it is known how other natural fancy-coloured diamonds get their colour, in the case of pink diamonds, there is only speculation on how they get theirs.
One of the theories suggests that the diamonds get their pink hue due to a structural defect known as plastic deformation causing a flaw that forces the stone to absorb light differently.
Christie’s says the first pink diamonds ever recorded were found in India’s Golconda mines in the 16th Century, and later they were found in Africa, Australia, Brazil and Russia.
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