Christie’s will auction for $8 million to $12 million a pink diamond ring that has appreciated up to 500 percent in less than a decade since being bought by a South Florida man for his wife.
The 10.07-carat, cushion modified brilliant-cut, fancy intense purple-pink gem flanked on either side by a triangular-shaped diamond will be on offer at the auctioneer’s Magnificent Jewels sale in New York in April.
The appreciation from the $2 million purchase price in 2007 comes amid an increase in the value of pink diamonds as supply is forecast to run out and demand has spiked, according to the stone’s appraiser.
“There is only one colored diamond for every 10,000 colorless diamonds," said Andrew Kravit, founder and president of Kravit Estate Appraisals, in a statement March 24.
“Most of the world's pink diamonds come from the Argyle mine in Western Australia, whose supply is expected to run out by 2020. High demand from wealthy individuals and savvy investors around the world is driving the steep increase in values.”
Kravit was asked to appraise the couple’s jewelry collection for insurance purposes last fall and discovered the diamond ring was undervalued.
"When I looked through a list of their personal assets on their insurance policy, I saw some pieces that were overvalued, others that were undervalued and a few that were right on the money," Kravit said in the statement. "But there was one glaring mistake: their 10-carat pink diamond had been appraised for only $4.7 million."
Kravit called an associate specializing in colored diamonds, who confirmed the piece would fetch more than $8 million in the current market.
"Pink diamonds in strongly saturated colors of over a carat are a rarity," added Rahul Kadakia, international head of jewelry at Christie’s. “To locate an intense pink gem of over 10 carats is a real event in the world of jewelry auctions."
The Magnificent Jewels auction on April 20 will also feature the 15.99-carat 'Jubilee Ruby' estimated at $12 million to $15 million.