Business World

Saturday 18 November 2017

In the pink: gem to raise healthy €44m at auction

A PINK diamond is estimated to raise more than $60m (€44.5m), a record for any gemstone at auction, when it is sold in Switzerland in November.

The 59.60-carat, oval-cut, stone is the largest internally flawless, fancy vivid, pink diamond ever graded by the Gemological Institute of America.

"This is a good time to sell important stones at auction," said jewellery dealer Otto Jakob yesterday. "Wealthy people with a lot of cash fear their money is endangered. They're putting it into goods."

Investment-grade diamonds attract buyers as both status symbols and hedges against volatility in the financial markets.

Coloured stones, which account for about 0.01pc of mined production, are prized for their rarity and command the highest price per carat.

"Over the last five years buyers in Asia have built up stocks of diamonds," said Mr Jakob. "That's reduced the number on the market and prices have increased a lot. There's a lot of demand for the highest quality coloured stones."

Irish Independent

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