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WORLD

Sotheby`s to Auction $60 Million Pink Diamond in Geneva

26.09.2013 [13:47]
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Baku, September 26 (AZERTAC). A 59.60-carat pink diamond is estimated to raise more than $60 million, a record for any gemstone at auction, when it is sold in Switzerland in November.

The oval-cut stone, the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA), will be sold by Sotheby`s (BID) in Geneva on Nov. 13, the New York-based auction house said today in a statement.

The sale of the “Pink Star” will follow a Sotheby`s auction in Hong Kong in October containing a white and a blue diamond valued at more than $28 million and $19 million each.

Investment-grade diamonds attract buyers as both status symbols and hedges against volatility in the financial markets. Colored stones, which account for about 0.01 percent of mined production, are prized for their rarity and command the highest price per carat.

“Over the last five years buyers in Asia have built up stocks of diamonds,” said Jakob, who exhibits at the annual TEFAF fair in the Dutch city of Maastricht. “That`s reduced the number on the market and prices have increased a lot. There`s a lot of demand for the highest quality colored stones.”

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