Sotheby’s to auction rare US$35m Eternal Pink Diamond in New York Sale

Picture credit: Sotheby's

29th March 2023 – (New York) Sotheby’s, one of the world’s most esteemed auction houses, is preparing to sell a rare and exceptionally beautiful diamond in its upcoming Magnificent Jewels sale in New York. The exquisite 10.57-carat cushion-cut stone, known as the Eternal Pink, boasts a stunning rosy-purple hue and has been valued at a staggering US$35 million.

According to Sotheby’s, the Eternal Pink is the most valuable purplish-pink diamond ever to be sold at auction, with a pre-auction price per carat estimate that is also the highest ever recorded. The gem’s intense colour and refined lines make it one of the world’s most exceptional gems, according to Tom Moses, the Executive Vice President and Chief Laboratory and Research Officer at the Gemological Institute of America.

Mined in Botswana, the Eternal Pink is said to be comparable to ultimate masterpieces of art and far rarer than a Magritte or a Warhol, thanks to its clarity and lack of imperfections. Pink diamonds are highly coveted and among the rarest gems in the world, making them a major draw for investors.

The record for the highest-ever auction price for a pink diamond was set by the CTF Pink Star, which sold for US$71.2 million in Hong Kong in 2017. Meanwhile, the Williamson Pink Star diamond holds the record for the highest price per carat, having sold for nearly US$5.2 million per carat in 2022, also in Hong Kong.

Pink diamonds have seen a surge in value in recent years, largely due to the closure of Australia’s Argyle Mine in 2020, which was a major source of the rare gems. The average price of colored diamonds has jumped by 30% in the 12 months leading up to June 2021, according to an index compiled by Australian Diamond Portfolio.

The Eternal Pink was cut from a rough diamond discovered in 2019, weighing over 23 carats. It took diamond firm Diacore six months to transform the stone into its current form, which weighs just over 11 carats. Less than 3% of diamonds submitted to the Gemological Institute of America (GIA) are colored, with pink diamonds being among the rarest.

Tom Moses, the GIA’s executive vice president, described the Eternal Pink as a “stunning specimen” with refined lines and an intense colour that earns it a place as one of the world’s most extraordinary gems.