The most expensive diamond ever auctioned is the pink CTF Pink Star, which sold for $71.2 million at Sotheby’s Hong Kong in 2017 for 59.60 carats. It has the record for the highest price ever paid for a diamond in auction. It was valued due to its size, colour, clarity, provenance and rareness. Other well-known diamonds, like the Williamson Pink Star as well as Oppenheimer Blue have actually obtained record pricing, revealing the exceptional value that color and quality can include to the diamond market.
What Is The Most Expensive Diamond In The World?
People looking for the most expensive diamond may be thinking of different things. A diamond may be the most expensive item based on its auction price, estimation value or its historic value. These categories are not necessarily linked to the same stone.
The best indicator is the highest bidding price confirmed at a public auction. That makes the CTF Pink Star the record holder. On 4th April 2017, the fancy vivid pink diamond measuring 59.60 carats was sold at Sotheby’s Hong Kong for HK$553 million (approximately US$71.2 million).
The sale generated global interest due to the diamond’s exceptional attributes that are less often seen in a single stone. It was of good size, had a natural pink hue, and was considered to be flawless on the inside – a Type IIa diamond.
The name of the diamond was originally the Pink Star. Later renamed the CTF Pink Star, after Chow Tai Fook jewelry group took over the business at auction.
What is also important about diamond prices is also noted in the record. Value is not based on carat weight. Colour, clarity, cut, origin, rarity and market demand drive the difference in the stated price of two diamonds of similar weight.
CTF Pink Star: The Most Expensive Diamond Sold At Auction
The CTF Pink Star is the most popularly known of the highest priced diamond ever auctioned.
The rough diamond was found in Africa in 1999. It was found in its rough form to be over 132 carats. Cutting and polishing the stone took about two years and reduced its weight to 59.60 carats.
Because of its final properties, it was of great value:
- Weight: 59.60 carats
- Color: Fancy Vivid Pink
- Clarity: Internally Flawless
- Type: Type IIa
- Shape: Oval
- Auction price: $71.2 million
- Auction house: Sotheby’s
- The sale location: Hong Kong
- Year sold: 2017
This is a very unusual pairing of colour and clarity. Pink Diamonds are already uncommon and larger, high clarity, ones are even more difficult to locate.
The size was also an advantage for CTF Pink Star. This is almost a 60 carat colored and clear diamond, which is far beyond the range of commercial diamonds.
This sale beat the previous auction record for a diamond. The Oppenheimer Blue colored diamond was another famous diamond that held the record for a longer time.
Why Are Some Diamonds So Expensive?
When it comes to the world’s most expensive diamond, one must not just consider carat weight. There are many factors that can affect the price of a diamond, but they can be broken down into the well-known 4Cs: Carat, Color, Clarity and Cut.
Carat Weight
Carat only measures the weight of the diamond, not just size. Diamonds of a higher quality tend to be less common the larger they are.
But the price does not go up in a linear fashion. Even a big diamond that’s not colour or clarity, might have a lesser worth than a smaller diamond that comes with great attributes.
Color
Diamond color can be a significant factor in the cost of a diamond.
Traditional white diamonds are usually graded from “colorless” to more and more noticeable yellow or brown. But in the case of fancy color diamonds, more intense and better colours can add considerable value.
Pink, blue, red, green and other naturally occurring colors are uncommon. Some of the world’s highest auction prices have been achieved by pink and blue diamonds.
Clarity
Clarity describes the presence of internal inclusions and external blemishes. A diamond with very few visible characteristics is generally more valuable than one with numerous inclusions, assuming other factors are comparable.
The CTF Pink Star was graded Internally Flawless, which contributed to its exceptional status.
Cut
The way the diamond interacts with light is influenced by cut. The brilliance and beauty of the proportions are strong in a well-cut stone.
In the case of record breaking diamonds, cut is also a consideration due to the challenge of polishing a big rough diamond. When combined with other cutting methods, the ability to cut may enhance color, clarity and appearance, and can also help decrease carat weight.
Rarity and Market Demand
Another big consideration is rarity. A diamond can be worth a lot of money if there are not many other diamonds quite like it.
The final price may be affected by the demand for auctions. If there are multiple bidders bidding for an exceedingly uncommon diamond, the outcome could end up being much higher than the estimated price.
Other Diamonds That Have Sold For Record Prices
The CTF Pink Star isn’t the only diamond that’s sold at an amazing auction price. A number of other stones have since come into importance in the history of the diamond market.
Williamson Pink Star
This pink diamond is a Williamson Pink Star, which was sold at Sotheby’s Hong Kong in 2022 for about $57.7 million.
It had sold for price reasons one of the most expensive diamonds ever at auction. The stone was named after the Williamson mine that is known for its famous pink diamonds.
It was a very clear and had a strong pink color, attracting a lot of collectors.
Oppenheimer Blue
Named after Sir Philip Oppenheimer, a well-known figure in the diamond industry, the Oppenheimer Blue is a 14.62-carat blue diamond.
Approximately $57.5 million was paid for it at Christie’s Geneva in 2016. It was the highest bid ever for a jewel at auction at the time.
The blue diamonds are extremely rare and this colour is associated with the presence of boron in the structure of the diamond.
Pink Promise
The Pink Promise is a 14.93 carat fancy vivid pink diamond that was sold in 2017 at Christie’s Hong Kong for approximately $32.5 million.
It was also sold at auction, but at a much lower price than the CTF Pink Star, but it proved that there was strong demand for high-quality pink diamonds.
Graff Pink
Another well known pink diamond is the Graff Pink. Weighing 23.88 carats, it sold for about $46.2 million at Sotheby’s Geneva in 2010.
The stone has been repolished and is now a little lighter. It has been owned by jeweler Harry Winston and then purchased by Laurence Graff.
The examples demonstrate that there is no single formula for determining the world’s most valuable diamond. The records of auctions change, and the differentiations between stones vary.
What Makes Pink And Blue Diamonds So Valuable?
Colored diamonds are a case in point, as they are valued differently than many other white diamonds.
Pink diamonds are a rare occurrence in nature. Unlike blue diamonds, where the presence of the simple trace element boron is the usual explanation for the color, the color of their diamonds is not typically explained by the presence of a simple trace element. Pink colour is associated with structural changes within the diamond and the exact causes remain unknown.
Also sought after are blue diamonds. They are coloured by boron and this can be incorporated into the crystal structure during formation.
One of the rarest naturally occurring fancy color diamonds are red diamonds. Collectors can have great interest in even small examples.
The primary factors which could add to the worth of a stylish color diamond are:
- The strength and intensity of the colour.The strength and intensity of the colour.
- Distribution and saturation of color
- Carat weight
- Clarity
- Cut quality
- Natural origin
- Laboratory certification
- The location and previous owners of the items.
- Current collector demand
For these reasons, a smaller sized colored diamond may command a higher price than a much larger white diamond.
Most Expensive Diamond vs. Most Expensive Jewel
It’s also vital to differentiate between the most expensive diamond and the most expensive jewelry.
A diamond may be sold separately, a jewel may have one or more diamonds mounted in a brooch, ring, necklace or other jewel.
For instance, a necklace with a number of rare diamonds can be a more expensive option than a single diamond. The worth of the jewellery could be determined by the value of the gemstones, the making of the jewellery, the design, history and provenance.
Additionally, there is a distinction between auction record and private valuation. The price of a diamond doesn’t necessarily determine its worth; for instance, the diamond might be worth a certain amount, but it may not sell for that price at the public sale.
Hence, when talking about the biggest diamond ever sold, auction records come in handy. They give a documented transaction, instead of an estimate.
The $71.2 million that came out of the CTF Pink Star’s auction is therefore a clear benchmark to use when considering the highest recorded auction price ever for a diamond.
Final Thoughts
The record price for the CTF Pink Star was $71.2 million in 2017. It is an unusual natural diamond in terms of color, weight, clarity and type, having a Fancy Vivid Pink color, a weight of 59.60 carat, Internally Flawless clarity and a Type IIa classification.
The tale of the most expensive diamond, though, isn’t just about the diamond. There are measurable factors as well as market factors that contribute to the value of diamonds. Important considerations are color, clarity, size, rarity, history and collector demand.
The most outstanding examples of pink and blue diamonds have established many of the big auction records. Meanwhile, the auction prices of stones may fluctuate depending on the number of stones that are introduced into the market as well as the competition among collectors.
The biggest take-home message for the learner of high-value diamonds is that it’s not always the big diamond that’s the most expensive. In some instances, carat weight is not as important as exceptional rarity & quality.
