An astronomical $35 million is expected to hit the pink diamond when it goes on sale in New York, according to auction house Sotheby’s.

The 10.57-carat Pink Panther, called Eternal Pink, will go under the hammer in June, four years after South African De Beers discovered it at one of its mines in Botswana.

Officially classified as a “purple pink” color, according to Sotheby’s, this is the most valuable diamond of this shade ever to appear at auction. The head of the American auction house’s jewelry department, Quig Burning, said the gem “ranks among the most important diamonds in history.”

The price of a diamond is largely determined by what gemologists call the four Cs: carat, cut, color, and clarity. Regarding the last point, the diamond in question is classified as “internally flawless”., which means that any defects are only visible at high magnification. At the same time, its color has been described as “fantasy bright”, which refers to the highest quality of intense color found in only 4% of pink diamonds.

“This color is the most beautiful and concentrated shade of pink in diamond that I have ever seen or ever put on the market,” Burning said, adding: art. This is much rarer than paintings by Magritte or Warhol.”

Pink diamond prices have risen sharply in recent years. This is partly due to a drop in supply caused by the closure in 2020 of Australia’s Argyle mine, which previously produced most of the world’s pink diamonds. According to an index compiled by brokerage Australian Diamond Portfolio, the average price of colored stones rose by 30% in just 12 months to June 2021.

Eternal Pink was cut from a rough diamond discovered in 2019. At 23.87 carats, it weighed more than twice as much as it does now, and it took the Diacore Diamond Company six months to shape the stone into its current shape.

Less than 3% of diamonds submitted to the Gemological Institute of America (GIA) are colored, according to Sotheby’s, with pink diamonds being among the rarest.

Source: Money Review.