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The Spirit of the Rose diamond to fetch up to $65 million

posted onAugust 16, 2019

Alrosa, a Russian partially state-owned diamond mining company which accounts for almost a third of global rough diamond production, is putting up for sale the “Spirit of the Rose”, the largest pink diamond ever discovered and produced in Russia.

The 14.83-carat pink gem named after a legendary short ballet of the same name (Le Spectre de la Rose), is one of approximately 10 known pink diamonds ever offered for sale that exceeded 10 carats during the past 10 years.

It may be worth between $60 million and $65 million according to Eden Rachminov, chairman of the board of the Fancy Colour Research Foundation. 

The "fancy, vivid purple-pink" stone was created from a 27.85-carat clear pink rough diamond unearthed in 2017 from the Ebelyakh deposit in the Republic of Sakha (Yakutia) in northeast Russia. The rough was then cut  into an oval shape and polished for a year by masters at the “Diamonds of Alrosa” cutting factory in Moscow.

Coloured diamonds, especially pink ones, have long been among the most popular and have been lately achieving top prices. 

In April 2017, Sotheby’s set the record for any gem ever sold at an auction  with its $71.2 million sale of the 59.6-carat "Pink Star” mined by De Beers in Africa, to Hong Kong-based jewellry retailer Chow Tai Fook Jewellery Group.

Until then, the most expensive coloured diamond ever sold at auction was the “Oppenheimer Blue,” which fetched $58 million in a sale at Christie’s in May 2016. 

“In the world of colored diamonds, pink diamonds are some of the most treasured, especially at larger sizes,” John King,  Gemological Institute of America  chief quality officer, said in a statement. “It’s unusual to see pink diamonds in the market over one carat today. Weighing more than 14 carats is exceptional. The color is an amazing specimen. Being also internally flawless makes it truly a unique stone.”

The Spirit of the Rose is on display in New York City this month. Alrosa is still considering how to conduct the sale which is planned for November. The company's decision is expected next month.

Alrosa’s total rough and polished diamond sales in January-July 2019 amounted to $1,981.8 million, including $1,948.7 of rough diamonds and $33.1 million of polished diamonds sales. 

Last year, the company worked on boosting revenue from selling rare, coloured diamonds. Currently, the global market for polished coloured diamonds is dominated by Anglo-Australian Rio Tinto and Anglo-American De Beers 

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