Largest ever purple-pink diamond sold today for only £17m – ‘very disappointing’
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The Sakura diamond has been sold this morning at Christie’s Hong Kong auction. The breathtaking 15.81 pink carat diamond takes its name from the Japanese cherry blossom.
Sakura is a giant purple-pink diamond unique in its size.
It is said to be the largest of its kind to ever be offered at auction, but its sale has been disappointing for many.
The estimated sale price was expected to be between £17m ($25m) and £27 ($38m).
Jeweller expert Tobias Kormind said before the auction that “£27m ($38m) would be a sound investment”.
However, the impressive pink gem was only sold for its lowest price.
This has been very disappointing for many, as this was set to be the highlight of this spring auction season.
The pink diamond fits perfectly with Japan’s sakura cherry blossom season.
According to experts, the hammer price achieved today in Hong Kong could have been far higher.
Managing director of 77 Diamonds, Tobias Kormind, said: “The price of £17m ($25m) achieved for this incredibly rare pink diamond is really disappointing.
“It follows off the back of another disappointing auction on 12 May 2021 of a 101 carat perfect white diamond from Russia called The Alrosa Spectacle, which sold for £9m ($14m), significantly below prices achieved only a few years ago.”
The expert believes that the Covid-19 pandemic has severely affected the diamond market.
“It appears the market has been weakened by Covid and investor nervousness has crept into the top end of the diamond market, with bargains to be had,” said Tobias.
“With the prospect of inflation and stagflation in sight, the hammer price of £17m ($25m) for the Sakura diamond is a very sound investment indeed for the buyer.”
It is true that diamonds have not been immune to the Covid-19 pandemic.
The sub-index for coloured diamonds fell by 1% last year, having risen by 39% over the past decade.
It was believed that the Sakura diamond would be a historic sale.
It was also expected to set the tone for the post-pandemic high-end diamond market.
“The Sakura Diamond is extraordinary for its size and quality.
“It is a sound investment in the current environment, with the prospect of inflation and stagflation in sight,” explained Tobias.
Sakura is indeed an extraordinary piece as coloured diamonds are the rarest of gemstones.
Pink diamonds are rarer still, falling under the rare Type IIa category of diamonds, which makes up less than 2% of all gem diamonds.
Only 4% of those possess a colour deep enough to qualify as fancy vivid.
The auction record for any gemstone was set by the “Pink Star” in 2017.
The 59.6-carat “vivid pink” gem was sold for £57m.
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