An incredibly rare 14.93-carat Fancy Vivid VVS1 pink diamond, which Rahul Kadakia, International Head of Jewellery at Christie’s, described as the "Picasso of the Pink Diamond world," sold for $31,861,000 (HKD 250 million), or approximately $2.13 million per carat, at Christie’s Magnificent Jewels Hong Kong auction on November 28. The diamond, referred to as The Pink Promise Diamond, is an oval-shaped fancy vivid pink Type IIa diamond, weighing approximately 14.93 carats, set within a circular-cut diamond surround, gallery and hoop. Its Fancy Vivid Pink color (as opposed to Fancy Intense Pink) is a designation given by the GIA and represents the most prized color grading in a pink diamond. Type IIa diamonds in particular - making up less than 2 percent of gem diamonds - are considered the purest diamonds in nature. It was estimated that the ring would sell for between $28 million and $42 million, so the $32 million it fetched is actually on the low end of the estimate.
The Fancy Vivid pink diamond was originally purchased by gemologist and jeweler Stephen Silver. When he bought the stone in 2013, it was originally a 16.21-carat Fancy Intense pink. Silver believed that the stone could achieve a higher color rating if it were cut differently to allow more light through it. Silver turned to a master gem-cutter and together they spent several years planning how to cut the rare Type IIa pink diamond. The risk paid off, as the stone was re-certified by the GIA after its cutting from 16.21 carats to 14.93 carats. It went from Fancy Intense Pink to the much rarer Fancy Vivid Pink rating. Additionally, the Type IIa pink diamond achieved VVS1 clarity – the grade just beneath “flawless.” The higher grades in color and clarity boosted the value of the diamond exponentially.
According to the GIA, only one in every 1,000 diamonds mined can be classified as Fancy color diamonds. This stone is Fancy Vivid – the highest possible color mark, and it is a large size, which is very rare for pink diamonds. This diamond sale fell just short of a world record per carat price for pink diamonds. In the December 2009 sale at Christie’s in Hong Kong, a Vivid Pink, a cushion-shaped fancy vivid pink 5-carat diamond sold for $2,155,332 per carat, and set a per-carat record price.