23.16 Carat Rough Pink Diamond Sells for $10 Million
Large diamond finds are some of the most exciting events in the diamond industry, and recently there have been quite a lot as we wrote about earlier this month. However, it is especially exciting when they are stones with an extremely large size or rare color. The recent discovery of a 23.16-carat pink diamond is no different. In this case, it is obviously not just the size and quality of the rough, but the pink color of the diamond alerted everyone who knows what's what in the market. Still, it came as quite a surprise when the stone brought in $10 million only a few weeks after being discovered, all still while in its rough state!
Fancy color diamonds are very rare, and pink diamonds are among the rarest colors around. They are also in high demand with a fairly low supply. Nevertheless, pink diamonds, even stones of this size and quality, are not expected to fetch such prices, especially when still in their rough state, since no one knows what will happen once that stone is placed on the polishing wheel. Often rough and cut diamonds that manage to sell for high sums are stones with a rich history or some sort of royal connection. This was not the case for this extraordinarily large yet rough pink diamond. Let us take a look at this specific diamond find and why it managed to sell for such a profit.
The Color of a Fancy Color Diamond
A color diamond may be assessed based on the 4Cs (clarity, cut, color, and carat) just like colorless diamonds, but when it comes to color diamonds, color is by far the most important factor. All diamonds are rare in comparison to other gemstones, and color diamonds are even rarer. Only about 1 in 10,000 diamond carats mined is a color diamond found. Still, some colors are more abundant than others, making the diamonds with a smaller supply very valuable. Though pink diamonds are not the rarest color, they are still quite rare and demand hefty prices. The color of the pink diamond, i.e. whether it is a pure hue or a combination of colors, is an important factor as is the intensity level of the stone.
Different levels of pink color intensities
Color diamonds can come in any one of 9 color intensity levels. Fancy Vivid Pink is the highest level for pink diamonds. Red diamonds, for instance, only come in one level: Fancy Red.
Diamond Clarity and Carat Size in Fancy Color Diamonds
Despite the fact that color is the dominating factor with color diamonds, the remaining three diamond characteristics still play important roles. The clarity of a diamond refers to its absence of blemish. In colorless diamonds, the clarity is of utmost importance as the stone is transparent and most flaws can be detected. Similarly, colorless diamonds are largely about their brilliance and fire, which is enhanced by a diamond with a superb clarity level and excellent cut. While colored diamonds with greater clarity grades are more valuable, plenty of pricey color diamonds with lower clarity grades are known to exist. The carat weight is another determining price factor for all diamonds. Generally, the larger the diamond, the higher the cost. However, the carat weight cannot be considered on its own, but rather, must be combined with the other factors. That is why a small high quality or intensely colored diamond can cost far more than a large colorless stone.
The Cut of a Fancy Color Diamond
The cut refers to the way the facets of a diamond are cut from its rough state into a sparkling gemstone. Some cuts are more successful than others and are able to enhance the stone’s natural color. Sometimes, they can even help eliminate or conceal a visible inclusion, but that is all depends on the structure of the stone. When a diamond is cut from its rough state, it is crucial to utilize as much of its carat weight as possible while attempting to create the highest quality gemstone possible. Furthermore, just placing the stone on the polishing wheel is a risk, as one incorrect move can cause the stone to shatter. This is why properly cut diamonds are far more valuable than rough diamonds. Rough diamonds, even large ones with plenty of wiggle room, are at risk of becoming a poor quality stone if cut the wrong way. This is why it is very surprising, and frankly quite encouraging, that this recent rough diamond find managed to sell for so much.
Price Increase of Pinks
This remarkable 23.16 carat pink diamond rough was sold at the price of $433,938 per carat. Back in 2012, the market price for a 1-carat, Fancy Vivid Pink diamond, was approximately $400,000 per carat. Obviously, all the characteristics of the stone would weigh in on that price, but still that is a general ball park figure for a polished stone. Today, the same 1-carat, Fancy Vivid Pink diamond, is sold at roughly $460,000 per carat.
Vivid color intensities often resulting in the highest market prices
Though the per carat price of the diamond increases with the total size of the diamond due to the rarity of such large finds, it is almost impossible to understand how an untouched rough diamond with an unknown certain color intensity grade managed to sell for prices comparable to the top of the top! What we can learn is the crystal clear view some retailers share about the direction the market heading.
These statistics come to show us that regardless of the world economic troubles, prices of fancy color diamonds are still soaring and are very much relevant in the investment world as well as for those interested in purchasing jewels that will only increase in value over time.