Pink Dream Diamond Turns Into Nightmare.

Pink Dream Diamond

Unexpected Events

The most expensive diamond ever sold at auction, was a flawless 59.6ct oval diamond. Its colour classified as Vivid Fancy Pink, and it has proved to be the sale that never was. The record price of US$ 83 million, achieved by Sotheby’s at auction in Geneva last November, failed to complete. The buyer, Isaac Wolf, was let down by the investors he was acting for. Mr Wolf a New York diamond cutter outbid three other contenders. He did this to secure the diamond only to have his clients default on their agreement. This left Sotheby’s with the unenviable position of having to buy the diamond. This was under their auction guarantee terms for a value of US$60 million. The stone is now showing in Sotheby’s Annual Report in its inventory with a value of US$72 million. The CEO of Sotheby’s, Patrick McClymont, said they were currently in discussion with the buyer. They are also considering other alternatives.

Origins

This is the third incarnation for the Pink Dream, once mined in South Africa by DeBeers. The diamond emerged from a rough stone of 132.5ct in 1999. Sold to the Steinmetz Group it took 20 months to cut the stone to its perfect oval proportions. The unveiling in Monaco in 2003 was with the name ‘Steinmetz Pink.’ The stone sold again at private sale in 2007. This was for an undisclosed figure. It re-emerged with a new name, ‘The Pink Star.’

Worthy Rivals

Natural pink diamonds are the rarest gems in the world. This remarkable, iconic stone was always destined to be the most valuable by virtue its size and perfection. It surpasses all other pink diamonds in colour saturation and purity. It leaves its nearest rival the ‘Graff Pink’ way behind at only 23.88cts. If its future seems a little uncertain at present it is only a matter of time before it finds its place in history. This is with the appreciation and adoration it deserves; and to a stone that formed over 100million years ago time. For such a diamond time has little consequence. The enduring beauty of a diamond, any diamond, remains timeless.

Carole Spooner

About Carole Spooner

Carole Spooner is a Fellow of the Gemmological Association of Great Britain (FGA) with a diamond specialisation (DGA) and has enjoyed a jewellery career spanning many years. Her experience has included living and working in the Sultanate of Oman as assistant manager to jewellers Jawahir Oman; assistant manager at Carringtons, Old Bond Street, London; buyer with the Mappin and Webb Group, Regents Street, London and as an NAG Registered Independent Valuer.

Carole Spooner

About Carole Spooner

Carole Spooner is a Fellow of the Gemmological Association of Great Britain (FGA) with a diamond specialisation (DGA) and has enjoyed a jewellery career spanning many years. Her experience has included living and working in the Sultanate of Oman as assistant manager to jewellers Jawahir Oman; assistant manager at Carringtons, Old Bond Street, London; buyer with the Mappin and Webb Group, Regents Street, London and as an NAG Registered Independent Valuer.