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International

World's largest pink diamond fails to sell at Sotheby's auction

16:15, Thursday, 16 November, 2017
World's largest pink diamond fails to sell at Sotheby's auction

"The Raj Pink," the largest known diamond graded "fancy intense pink" for its rare color, was among several major jewels stranded on the auction block on Wednesday at Sotheby's sale in Geneva.
     The cushion-shaped stone, weighing 37.30 carats and mounted on a ring, was billed as the star lot at Sotheby's semi-annual jewellery sale in the Swiss city. The pre-sale estimate for the diamond, found in South Africa in 2015, was $20 million to $30 million.
     Bidding opened on "The Raj Pink" at 9.9 million Swiss francs ($10.02 million) and climbed to 14 million Swiss francs before stalling.
     "It was not sold," David Bennett, worldwide chairman of Sotheby's international jewellery division who conducted the auction, told the crowded sale room.
     Other major lots were left on the block, failing to meet the secret reserve price set by their sellers.
     They included a blue diamond ring by Moussaieff, where the last bid was 12.4 million Swiss francs, and a pair of yellow diamonds that formerly belonged to the German princely family of Von Donnersmarck, which reached 7.8 million Swiss francs but failed to find a new owner.
     Only 303 of the 349 lots found new owners, according to Sotheby's figures. In all, the sale netted 77.9 million francs.
     A Harry Winston light pink diamond ring, described as an "absolutely sensationally beautiful stone" by Bennett, brought the strongest price of the night.

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