TORONTO, Dec. 1, 2017 /CNW/ - A very rare 14.93-carat Fancy Vivid VVS1 pink diamond sold at the Christie's Magnificent Jewels Hong Kong auction on November 28th. The diamond, described by Christie's as the "Picasso of the Pink Diamond world," sold for a stunning $31,861,000 – approximately $2.13 million per carat. It was estimated that the ring would sell for anywhere between $28 million and $42 million.
Paragon International Wealth Management, a leader in the acquisition and management of fancy colored diamonds, predicts that other similar fancy colored diamonds, particularly pink colored diamonds, that hit the market in the future may fetch similar impressive price tags, as demand in the colored diamond market continues unabated.
The diamond, also known as The Pink Promise Diamond, is a breathtaking pink oval stone with mixed cuts. Its Fancy Vivid Pink color is a designation given by the Gemological Institute of America (GIA).
The stunning oval stone is set in a platinum ring and surrounded by diamonds. The Fancy Vivid pink diamond was first purchased by gemologist and jeweler Stephen Silver, who purchased the stone in 2013 as a 16.21-carat Fancy Intense pink and turned to a master gem-cutter to cut the rare diamond in order to improve its color rating.
A better diamond rating by the GIA can improve the overall value of a fancy colored diamond, Paragon International Wealth Management explains. Re-certification by the GIA of The Pink Promise Diamond from a Fancy Intense Pink to the rarer Fancy Vivid Pink rating and an improvement in the clarity of the diamond after it was cut increased the value and quality of the diamond, Paragon International Wealth Management also notes.
Paragon International Wealth Management believes demand for colored diamonds and the prices these diamonds command will only continue to grow in the future.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT INC.
Paragon International Wealth Management is a leader in the acquisition and management of fancy colored diamonds, and is dedicated to offering its clients expert advice and guidance in managing a successful hard asset investment portfolio. Fancy colored diamonds are experiencing a remarkable rise as an investment vehicle and have historically shown greater profit margins than other, similar hard asset investments.
SOURCE Paragon International Wealth Management Inc.
For further information: Operations Manager: John Moore, [email protected], www.paragoniwm.com