Pink diamond ring sells for $28.5 mln

GENEVA, Nov 11, (AP): An unidentified Chinese buyer purchased a 16.08-carat vivid pink diamond at auction for 28.7 million Swiss francs ($28.5 million) including fees on Tuesday, a record price for a stone of that type, Christie’s said.

The cushion-shaped diamond, set in a ring and rounded with a double row of smaller white diamonds, was the showcase piece in the 409-lot sale of jewelry. Excluding fees, the stone, first known as “The Pink,” sold for 25.5 million Swiss francs — within the pre-sale estimate range of 21 million to 27 million Swiss francs ($23 million to $28 million).

FranÁois Curiel, Christie’s president for Asia, identified the buyer only as a “Chinese client who lives in Hong Kong.” House spokeswoman Alexandra Kindermann said the price was a record for a vivid pink diamond at auction. The buyer promptly named the stone, “Sweet Josephine,” she said.