Rare purple-pink diamond to be auctioned, may fetch $38 million

A rare 14.83-carat fancy vivid purple-pink diamond will be auctioned in Russia on November 11, 2020, and may fetch the owner up to $38 million. The diamond named ‘The Spirit of the Rose’ is being auctioned by the London-based auction house Sotheby's and was mined, cut, and polished in Russia. 

The rough diamond was mined in 2017 by Russian group ALROSA, one of the world's leading diamond producers. The diamond was unearthed from the Ebelyakh deposit in the Republic of Sakha in the northeastern part of Russia.

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Why the diamond is rare?

According to Sotheby's, only four percent of all pink diamonds are graded ‘Fancy Vivid’ because of their rich and vivid colour. The oval-shaped diamond is internally flawless, which makes it even more precious in the eyes of diamond enthusiasts. 

The diamond is the largest purple-pink diamond to ever appear at an auction because not only finding pink diamonds is rare but also only one percent of all pink diamonds are larger than 10-carats. 

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The stone was cut from the largest pink crystal ever mined in Russia which is currently the world’s most important diamond producer by volume. The 27.85-carat clear pink rough diamond was called Nijinsky, named after a Polish ballet dancer who performed 'The Spirit of the Rose’. 

It took the company over a year to fully polish the diamond and make it look like in its current form. The oval shape was chosen in order to ensure that the diamond would be of the maximum possible size, Sotheby's said. 

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(Image Credit: Sotheby's/Website)