Pink Diamonds Fetched Millions at Christie's New York.

The Eden Rose, an exceptional pink diamond ring, was sold for $13.2 million at Christie’s New York during this week’s Magnificent Jewels sale. Weighing 10.2 carats, roughly the size of an oyster cracker, the diamond was set in a ring adorned with petal-shaped white diamonds. This diamond was hailed as the most significant pink diamond of its size and quality to be auctioned at Christie’s since 2012, when the 12.04-carat Martian Pink, mounted in a ring by Harry Winston, sold for $17 million.

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A unique feature of the Eden Rose is its highly coveted and rarely seen shade of pink. Many pink diamonds—including those that fetched millions at auction—often display secondary purple, orange, or gray hues. However, the Eden Rose stands out for its lack of undertones, making it a “pure pink,” as described by Christie’s, and exceptionally rare.

“The uniqueness of the Eden Rose lies not only in its rarity but also in its exquisite round brilliant cut, a technique typically reserved for white diamonds to enhance their brilliance,” says Rahul Kadakia, Christie’s international head of jewelry, in an interview with Galerie. “The meticulous hand-cutting process further accentuates its individuality.”

Pink diamonds can command prices twice or three times higher than those of Eden Rose and the Martian Pink, making some pink diamonds more valuable than modernist art masterpieces. For instance, Picasso's painting "Homme à la Pipe" (1964) sold for $17.4 million at Sotheby’s London earlier this year. While this comparison is somewhat apples to oranges, it highlights the robust demand for pink diamonds amidst reports of declining art sales.

So, what makes a pink diamond so valuable? It mostly comes down to rarity. They are incredibly hard to come by—the Gemological Institute of America (GIA) estimates that only one out of every 10,000 carats of cut-and-polished diamonds display what’s known as fancy colour, with pinks accounting for just 0.01% of the world’s total diamond production.

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The investment value makes fancy-coloured diamonds irresistible to connoisseurs, diamantaires, and investors. These people view coloured diamonds as a store of value, particularly during times of geopolitical turmoil and economic uncertainty.

While Christie’s sale of the Eden Rose is the latest to capture attention, it is just one of many significant pink diamonds to auction in recent years. Last month, a saturated Barbie pink diamond weighing 6.2 carats sold for $12 million at a Phillips sale in Geneva. At the May 2024 Phillips Geneva sale, this headline-making pink diamond was offered in a ring flanked by two kite-shaped white diamonds.

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In 2023, Sotheby’s sold a 10.57-carat internally flawless cushion-cut fancy vivid purplish pink diamond, known as the Eternal Pink, for $34.8 million, billing it as the “most significant” pink diamond ever to come to market. The Eternal Pink headlined Sotheby’s New York Magnificent Jewels sale that year.