HK set to auction US$42 million ‘Pink Promise’ diamond

HONG KONG: An enormous ovalshaped diamond named the ‘Pink Promise’ is set to be auctioned at Christie’s in Hong Kong, with an eye-watering US$ 42 million price tag.

A 14.93- carat pink gemstone forms the centre-piece of the diamond-studded ring.

A Christie’s spokesman said it was one of the most important pink diamonds ever to be sold because of its colour and clarity.

“The rarity of pink diamond makes it so valuable,” Fung Chiang of Christie’s jewellery department told AFP.

“For diamond production every year, we are talking about less than two percent (for) coloured diamonds,” Chiang said, adding that not every piece shares the same “beautiful” colour.

Researchers still do not fully understand the “exact structural defect” that causes the appealing pink hues, the auction house added in a statement yesterday.

The ring will go under the hammer on Nov 28 in Hong Kong.

An ongoing anti- corruption drive in mainland China has done little to dent feverish bidding in Hong Kong’s auction houses.

A 1,000-year- old bowl from China’s Song Dynasty sold at auction house Sotheby’s to an anonymous bidder for US$ 37.7 million in the city last month, breaking the record for Chinese ceramics.

The small piece — which dates from 960-1127 — stole the previous record of US$ 36.05 million set in 2014 for a Ming Dynasty wine cup which was snapped up by a Shanghai tycoon famous for making eye-watering bids.

Earlier this year, a giant diamond named the ‘ Pink Star’ broke the world record for a gemstone sold at auction when it fetched US$ 71.2 million at Sotheby’s. — AFP