The CTF Pink Star Diamond Ring

 

When Sotheby's sold the Pink Star Diamond for an incredible $71.2 million at a Hong Kong auction in April 2017, it broke all previous price records. It is the most costly diamond or jewel ever to be sold at auction.

There are none that are similar in size or quality to the magnificent vivid pink internally flawless diamond, weighing 59.60 carats (about the size of a strawberry). Therefore, how can the value of something that is practically priceless be determined?

According to industry experts, its quality and size are unmatched, hence it commands a premium price. "A vibrant pink diamond this size is a true freak of nature," said Gemological Institute of America (GIA) senior vice president Tom Moses. Very few significant pink diamonds weighing more than 20 carats exist. We are unlikely to witness further significant large pinks. The yield has generally appeared to decrease with mine age and hole depth.

How Rare are Vivid Pink Diamonds?

Think about the numbers: Approximately 80 percent of pink diamonds worldwide are sourced from the Argyle mine in Western Australia, and of the mine's 20 million carat yearly production, just 0.1% are considered to be pink diamonds. The mine has been producing pink diamonds for the past 30 years. Not only that, but very few of those stones weighed more than a couple carats. 2020 saw the closure and depletion of that mine. Right now, there are even fewer and more irregular sources of pink diamonds.

The history of the CTF Pink Star

In 1999, De Beers discovered the Pink Star in Africa. The initial 132.5 carat raw diamond was painstakingly cut and polished over a two-year period, resulting in an exquisite vivid pink diamond, type IIa. It is therefore practically flawless.

At first, it was called the Steinmetz Pink, after the business that bought the diamonds. It was on display in the Smithsonian Museum of Natural History in Washington, DC, and was such a rare and exquisite treasure.

Similar to several notable diamonds in history, the Pink Star has an intriguing—and turbulent—past. The diamond sold for $83 million when Steinmetz offered it at a 2013 Sotheby's Geneva auction. Isaac Wolf, a diamond cutter in New York, the customer, neglected to make the payment. Sotheby's was compelled to purchase the costly pink diamond since it was guaranteed to bring in $60 million. Fortunately for the auction business, the stone's size and exceptional beauty made it well-known and sought-after.

When it was put up for auction in April 2017, three parties engaged in a bidding war. The winner was Hong Kong jeweler Chow Tai Fook, who gave it the CTF Pink name in honor of the founder and initials of the business.

Tracking Pink Diamonds

Since the Mid-17th Century

For millennia, people have been captivated by the captivating beauty of pink diamonds. The first account of them dates back to Jean-Baptiste Tavernier, a French merchant and explorer who, during his travels in the Indian Kingdom of Golconda in the 1640s, reported seeing a very large pink raw diamond measuring over 200 carats. The most remarkable and well-known diamonds in the world were said to have been found in that area.

Throughout the ensuing centuries, pink diamonds continued to be rare. They originated mostly from the Argyle mine and were sporadically found in Brazil and South Africa. Strong heat and pressure during the stone's creation in the ground disrupts the crystal lattice, giving pink diamonds their distinctive pink tint.

Pink Diamonds at Auction

Its size, quality, and cost all set records that were shattered by the Pink Star. It is not even close to the closest excellent pink diamonds that are auctioned off. In November 2018, Christie's sold The Winston Pink Legacy, an 18.96 carat vivid pink, for $50.7 million. Prior to that transaction, the Graff Pink was the most costly pink diamond ever sold at auction. In November 2010, Laurence Graff paid an unprecedented $46.1 million for a fancy intense pink diamond weighing 24.78 carats at Sotheby's.

The Princie Diamond, a 34.65 carat fancy intense pink diamond (notably not categorized as vivid), is among the other most expensive pink diamonds. Christie's sold it for $39.3 million in April 2013. In November 2017, a 14.93 carat fancy vivid pink diamond known as The Pink Promise brought in $32.5 million at Christie's Hong Kong.

The supply and demand in the market determines the auction prices. There are several reasons why the price of pink diamonds—like all colored diamonds—has skyrocketed in the last ten years. First of all, a greater number of individuals are aware of fancy-colored diamonds and recognize their rarity. Second, the world is wealthier and more people are looking for diversified investments and one-of-a-kind luxury products.

Not only is the CTF Pink Star a diamond that will go down in history because to its record price, but it is also breathtakingly gorgeous.