Understanding The Diamond Market -
Pink Diamond Finds No Buyers at Bonhams
According to Diamonds . net, two top items failed to sell at Bonhams' New York auction last week, including a rare fancy orangey-pink diamond. The 12.62-carat stone, which was valued at $1.5 million to $2 million, was the lead lot in the New York Jewels sale. The second most expensive piece, a cushion-shaped, 15.23-carat Kashmir sapphire, estimated at $1.3 million to $1.8 million, also went unsold.
The 12.62-carat orangey-pink diamond ring. (Bonhams)
Both pieces are currently involved in post-sale negotiations, Brett O'Connor, senior vice president and senior international jewelry director for Bonhams, told Rapaport News Monday. “This particular stone had to be missing the magic that would attract a buyer to its million-dollar estimate,” Alan Bronstein, president of the Natural Color Diamond Association, told Rapaport News of the pink diamond. “But one stone does not suggest a trend up or does not imply a general negativity.” In the first quarter of the year, prices of pink fancy-color diamonds outperformed blue and yellow categories, rising 0.5% compared to the previous three months, according to data from the Fancy Color Research Foundation.
It is important to consult your jeweler, and discuss market trends, when considering placing a stone into action.