World’s largest fancy pink diamond fails to sell at Sotheby’s
The largest known intense fancy pink diamond failed to sell at the Sotheby’s auction yesterday (Wednesday 15 November).
The Raj Pink was a cushion shaped, 37.3 carat stone mounted on a ring and had an estimated value of $30m (£22.7m). It was expected to fetch between $20-30m (£15-22.7m).
Bidding opened at $10m (£7.5m) but the stone failed to sell after two minutes.
However, the auction house did make a record-breaking sale with the light fancy pink Harry Winston diamond going for $12,818,240 (£9,727,762).
Tobias Kormind, managing director of 77 Diamonds, said: “Wow – I’m gutted and I’m worried for the top end of the diamond market. This result could mean diamond billionaire Laurence Graff overpaid when he placed the record-busting, winning bid of $46m (£34.8m) for the 24.78 carat Graff Pink at Sotheby’s in 2010.
“The Raj Pink, at 37.3 carats significantly larger than the Graff Pink, seemed to have the qualities necessary to become another Sotheby’s blockbuster stone.”