Pink diamond worth USD 21 Mn, sells for USD 50 Mn at Hong Kong auction

Pink diamond worth USD 21 Mn, sells for USD 50 Mn at Hong Kong auction

Originally estimated to be worth USD 21 million, the 11.15-carat Williamson Pink Star diamond was reportedly sold off for a whopping USD 49.9 million at a recently held auction at Hong Kongs Sothebys, one of the worlds biggest brokers of jewelry, fine art, and collectibles.

For those unaware, the Williamson Pink Star Diamond gets its name from two of the most prominent pink diamonds of the modern era with one being a Williamson 3.60-carat diamond gifted to Queen Elizabeth II on the eve of her wedding in 1947, and the second being a Pink Star 59.60-carat that was sold at a 2017 auction for approximately USD 71.2 million.

Interestingly, the Williamson Pink Star Diamond is the second-largest pink diamond to be sold at an auction in recent times. For those unaware pink diamonds are known to be the rarest and most valuable-colored diamonds to be discovered over centuries.

Elaborating on the development, Managing Director of 77 diamonds Tobias Kormind has stated that the result of the auction has been astonishing for witnesses. The resounding appreciation for the diamond is proof that valuable gems can even withstand the blows of a shaky economy.

In addition, he also claimed that hard assets such as world-class diamonds boast a prominent history of surfing effortlessly, in an unstable economy. Reliable sources have often asserted that some of the most valuable diamonds across the world have witnessed doubling prices over the last decade.

Echoing these sentiments, Wenhao Yu, Chairman of Jewelry and Watches at Sotheby’s Asia states that the auction results have not only fortified the demand for high-quality demand in Asia but also solidified the belief in the rare occurrence of such diamonds among consumers.

Notably, the Williamson Pink Star Diamond created a world record for the highest per-carat price accounted by a diamond at an auction over the past few years.

Source Credits: - https://www.businesstoday.in/latest/trends/story/pink-diamond-sells-for-record-499-million-at-hong-kong-auction-349349-2022-10-08