Where Do Pink Diamonds Come From?
Do you want to find a gift to wow your loved one? Or are you seeking an investment asset that guarantees good returns? Australian pink diamonds are no ordinary items of jewellery to adorn your fingers – they are also great investment options that are historically unaffected by market volatility.
These astonishing natural wonders are available from Argyle Diamond Investments, but are less common than colourless diamonds because of the small amount of them that are available, 90% of which come from the Argyle mines in the Kimberly Region of Western Australia.
These mines have become deep enough to make it difficult for miners to work safely or move around. Additionally, the mines have almost run out of reserves and these factors have led to their closure.
But, Argyle is not the only pink diamond mine in the world. The other 10% of pink diamonds comes from Siberia, South Africa, India, and Brazil. All these mines have played a significant role in the history of pink diamonds. For instance, a pink diamond was first discovered in India. However, South Africa holds the record when it comes to the largest pink diamond ever graded.
What Is The Pink Star Diamond?
The Pink Star Diamond, also known as The Steinmetz Pink or CTF Pink Star, is the largest fancy, vivid, pink diamond in the World, weighing 59.6 carats. It is the largest pink diamond that The Gemological Institute of America (The GIA) has ever graded and is more than twice the weight of The Graff Pink Diamond, which is 24.78 carats.
The Pink Star Diamond was mined in South Africa in 1999 by De Beers, with rough item weighing much larger than the final gem. Because of its rarity and value, The Steinmetz Group took almost 20 months to cut the stone and it was finally, formally unveiled in a public function, in Monaco, 2003.
This unbelievable jewel is currently the most valuable sold at an auction, fetching a whopping $71.2m USD, surpassing the previous record of $57.5m USD set by Oppenheimer. The Pink Star is a Type IIa diamond, the rarest form of any pink diamond.
Besides The Pink Star, there are other significantly large pink diamonds, including Russia’s purple-pink diamond called “The Spirit of the Rose.”
The History of the Pink Star Diamond
Pink diamonds are rare jewels, accounting for less than 1% of all diamonds. Other rare diamonds include red, yellow, and blue diamonds.
Pink diamonds come in various categories, depending on the intensity of colour. Some of these gems are faint and almost colourless, while others like The Pink Star are ‘fancy-vivid’. The more intense or vivid a diamond is, the more expensive it will be. Pink diamonds also range from heavily included to flawless, with The Pink Star being the only wholly flawless pink diamond in the World.
South Africa is one of the world’s diamond producers but their pink diamond accounts for a tiny proportion of the world’s production. Therefore, it is not a surprise that The Pink Star Diamond is dominating headlines as the largest pink diamond in the world.
The De Beers Group, a company specializing in diamond mining and trading, discovered the gem in 1999 in South Africa. When it was mined, the gemstone weight 132.5 carats, but it took the Steinmetz group close to two years to cut and shape the pink diamond.
After the public unveiling in Monaco in 2003, The Pink Star (then known as The Steinmetz Diamond) was displayed as part of ‘The Splendour of Diamond’ exhibit, at the Smithsonian, alongside other diamonds such as The Millennium Star, The Heart of Eternity, and The Moussaieff Red Diamond.
What Is The Shape Of The Pink Star Diamond?
Four factors influence the value and price of a pink diamond: colour (colour intensity), carat weight, clarity, and cut or shape. Steinmetz cut the pink diamond into a Mixed Oval Brilliant, a common shape. They polished it into a brilliant-cut pavilion and step-cut crown rather than the standard facets. These cut combinations make the diamond looks like the stone has a star shape on the inside.
Why Was the Pink Star’s Name Changed?
This fancy, vivid, pink diamond has acquired three different names in the past. After it was mined in 1999 and later cut into the final shape, this diamond was named The Steinmetz Pink. This name originated from Steinmetz Diamonds, the group that cut it into present shape. The name “Steinmetz Pink was used from 1999 to 2007.
In 2007, the pink diamond’s name was changed to The Pink Star. This is the most popular name despite the diamond currently having a different name. In 2017, the pink jewel was renamed The CTF Pink Star, in memory of Cheng Yu-Tung, former chairman of Hong Kong’s Chow Tai Fook Enterprises.
When Was The Pink Star Auctioned?
The Pink Star diamond has been auctioned twice, fetching a record price on both occasions. It was first auctioned in Geneva by Sotheby’s in November 2013. Here, it set a world gemstone sale record after it was sold as $83,187,381. The Graff Pink Diamond previously held the world record.
Isaac Wolf, a diamond cutter based in New York, bought The Pink Star and renamed it ‘The Pink Dream’. However, some sources indicate that the buyer did not settle the auction price, leading to the stone being added to the Sotheby’s inventory.
In April 2017, Sotheby’s auctioned the stone again, setting the world’s record for any diamond. This time, the auction took place in Hong Kong, and the stone was sold at $71.2 million or HK$553 million. The Pink Star was bought by Chow Tai Fook Enterprises. Besides renaming the pink diamond in memory of Cheng Yu-Tung, the name change was also part of commemorating the company’s 88th anniversary.
Where Can I Discover More About Pink Diamonds?
Diamonds with “status,” such as The Pink Star, are mainly sold through auction, to the highest bidder. In this case, the final buyer will have to part with millions of dollars. For these buyers, the diamond is considered an investment that can later be sold for profit. So, if you are looking to buy Pink Star in the next auction, save up some millions! Otherwise, you may never land this precious gem.
For more information about owning some pink diamonds for your loved one or as an investment for the future, please contact us at Argyle Diamond Investments today.