'Pink legacy' diamond sells world record $50 million

The Pink Legacy an 18.96 carat fancy vivid pink diamond once owned by Oppenheimer family is displayed

On Tuesday, an exceptionally rare, 19-carat pink diamond sold for $50 million (about 50.4 million Swiss francs) at Christie's auction house in Geneva, Switzerland.

Bright pink diamonds are rare.

Pink Legacy, weighing in at just under 19 carats, was bought by USA brand Harry Winston at auction in Geneva.

The stone was immediately rechristened the "Winston Pink Legacy" by its buyers. The diamond was expected to fetch as much as $50 million, and went to the winning bidder for more than $44 million.

Christie's has noted that in the salesroom, fancy vivid pink diamonds over 10 carats are "virtually unheard of" and that only four vivid pink diamonds or over 10 carats have ever been offered at auction. Only 1 in 100,000 diamonds receives the grading.

"The "Pink Legacy" ... brought this extremely high price of $50 million - so $2.6 million per carat, which is a world record price for a pink diamond". The auction house had expected to fetch $30 million to $50 million for the almost 19-carat, rectangular-cut stone, the largest fancy vivid pink diamond that it has ever put under the hammer.

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"This record-busting price fetched suggests the diamond trade is in good health and signals the market's sensitivity to Australia's Argyle mine's imminent closure in 2020", Eddie LeVian, CEO of jewelers Le Vian, said in a statement.

The sale attracted a huge amount of public interest.

The diamond used to belong to the Oppenheimer family, which for decades ran the De Beers diamond mining company. Big, bright pink diamonds are even rarer.

Christie's auction house jewellery specialist Rachel Evans-Omeyer poses with an 18.96 carat Fancy Vivid Pink Diamond on show in London on September 25, 2018 before its November auction with an estimate at USA $30 to $50 million.

Then in November 2017, the Pink Promise sold for $32.5 million at Christie's Hong Kong.

"$2.6 million per carat". But this is nearly 19 carats, and it's as pink as can be.

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