Sotheby’s to auction rare pink diamond, estimates it could fetch up to $38 million

Tuesday, October 5, 2010

Rare pink diamond could fetch $38M at auction

GENEVA — A rare pink diamond that goes on sale next month could fetch up to $38 million, according to auctioneers Sotheby’s.

The “fancy intense pink” 24.78 carat gem is being sold by an unidentified private collector, the auction house said.

“We’re able to say it’s been in the possession of the same owner for 60 years but beyond that we’re not able to reveal more,” Sotheby’s spokesman Matthew Weigman said Tuesday.

The diamond was last sold by New York jeweler Harry Winston and has a classic emerald cut with gently rounded corners, the company said.

The stone has a flaw unnoticeable to the naked eye, probably due to wear, but may be graded internally flawless after re-polishing.

“It is sensational as it is, but if somebody would repolish it they would have an even more sensational stone,” said Daniela Mascetti, a senior director in the company’s jewelry department. “But I personally would not touch the stone if I was planning to wear it.”

The diamond went on exhibition worldwide starting in Hong Kong on Oct. 2 and will go up for auction Nov. 16 in Geneva, when Sotheby’s estimates it could sell for $27-38 million.

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