The costliest diamond ring ever sold at auction is the Eternal Pink Diamond Ring which sold for $34.8 million at Sotheby’s in June 2023. The diamond in the ring is a 10.57 carat, Internally Flawless, fancy vivid purplish pink diamond. There is a crucial difference though. The CTF Pink Star, which is a 59.60-carat pink diamond set in a ring, has the overall record for the highest price ever paid at auction for a diamond or jewel, $71.2 million in 2017.
When you’re looking for the most expensive diamond ring ever, you are probably looking for one clear answer. Actually the record is contingent on what is meant by the term “diamond ring.”
The value of a ring may be due to the diamond, the skill of the setting, the ring’s history, or the significance of the ring in the world of luxury jewelry. Auction houses also differentiate between a diamond being sold as a loose stone and a diamond that is part of a ring that has a significant diamond.
With the narrow definition of a diamond ring sold at auction, the record will now go to the Eternal Pink Diamond Ring, which sold for $34.8 million at Sotheby’s in 2023. However, the much larger CTF Pink Star is frequently talked about as one of the most costly diamond rings as the 59.60 carat diamond sold for $71.2 million at auction and is now set into a ring.
The Most Expensive Diamond Ring: Eternal Pink
If the question is specifically about the most expensive ring, rather than the most expensive diamond or jewel, then the answer is the Eternal Pink Diamond Ring.
The ring sold for $34,804,500 in June 2023. It contains a 10.57-carat Fancy Vivid Purplish Pink diamond in the center. The stone is Internally Flawless and is in the rare Type IIa diamond category. “This is an unheard-of natural color diamond,” said Sotheby’s.
In 2020, the Damtshaa mine in Botswana had an exciting year, with the discovery of a diamond. It was originally in its rough form and weighed 23.78 carats. Later cut and polished in New York in about six months. The finished stone was a mixed cushion cut stone that was intended to highlight the stone’s colour and brilliance.
There are a number of reasons for its extraordinary auction price:
- Strong natural pink color, 10.57-carat weight: A diamond of this size and level of natural pink color is very rare.
- One of the most significant elements of fancier color value is the color itself – fancy vivid purplish pink.
- Externally Flawless clarity: The diamond is almost flawless in terms of clarity.
- Type IIa classification: Type IIa diamonds are one of the purest types of chemically analysed diamonds.
- Natural colour: Pink colour is not artificially colouring.
- Professional cutting: The end shape and dimensions were selected to best showcase the visual qualities of the stone.
The mix is what makes the Eternal Pink special. However, a large diamond is not necessarily a record price diamond. It must have a combination of size, colour, clarity, origin and demand that is rare.
CTF Pink Star: The $71.2 Million Record
The CTF Pink Star is worthy of special mention, as it is the all-time auction record.
The 59.60 carat diamond was sold by Sotheby’s Hong Kong in April 2017 for $71.2m. It’s described as being the highest priced jewel ever sold at auction, according to Guinness World Records. Sotheby’s also calls it the world-record holder for any diamond or jewellery sold at auction.
It was first called the Pink Star and then the Steinmetz Pink. It was originally a 132.5 carat rough diamond that was discovered in Africa, mined by De Beers in 1999. Cutting and polishing the rough stone took about two years.
The diamond was sold in 2017 and was later renamed the CTF Pink Star by Hong Kong-based jewellers Chow Tai Fook.
The CTF Pink Star has a few qualities that help account for its record:
- 59.60-carat finished weight
- Fancy Vivid Pink color
- Internally Flawless clarity
- Oval mixed cut
- Type IIa classification
- Major auction provenance
The Gemological Institute of America or GIA, graded the diamond as Fancy Vivid Pink and Internally Flawless. GIA also calls it the largest diamond of its kind to have received those grades.
So, has the CTF Pink Star been the most expensive diamond ring in the world?
The answer is dependent upon how the question is phrased. The diamond is the most costly diamond or jewel ever sold at auction, according to Guinness and the Guinness says the diamond is set in a ring. Sotheby’s new top 10 list of the most expensive diamond rings, however, has the Eternal Pink Diamond Ring at the top of that list.
Why Pink Diamonds Command Such High Prices
Pink Diamonds are extremely pricey for a few reasons.There are several reasons why Pink Diamonds are so expensive.
Pink diamonds have a unique place in the world of high-end diamonds. They are not as valued as traditional white diamonds and the intensity and quality of their natural color can have a significant impact on their value.
A diamond with a vivid pink hue can be relatively small, but loaded with color. When a diamond of a good colour and clarity gets to a big size, the number of diamonds that are similar becomes limited.
Pink diamonds have been setting big auction records for their rarity, color intensity and limited availability, notes Sotheby’s. Australia’s Argyle closed in 2020 further diminishing the supply of new pink diamonds. Argyle had been one of the world’s most important pink diamonds producers.
The chemistry of the stone is also important. Most of the world’s famous pink diamonds are of Type IIa. Christie’s says that type IIa diamonds are less than 2% of gem diamonds and are found to have little or no measurable nitrogen.
But having Type IIa status isn’t the end of the story. The full set of features are all taken into account by buyers and auction experts.
These commonly include:
- Fancy-color diamonds are particularly sensitive to color (hue, tone, and saturation).
- Carat weight: The larger the stone, the less common it will be, especially if other characteristics are good.
- Clarity: Desirability may be enhanced by a reduction in internal inclusions.
- Cut: An intelligent cut can enhance the light flow through a stone.
- Provenance: If a piece has a particular history or former owner, it will make for a great interest.
- Competition of auction buyers can significantly affect the final auction price.
Given the fact that two diamonds of the same weight can be worth vastly different amounts, it is easy to understand why this happens.
Other Expensive Diamond Rings And Auction Records
The Eternal Pink is far from the only diamond ring to be coming up for auction. There have been several other pink and coloured diamonds that have captured international attention.
One such example is the Winston Pink Legacy, which used to be called the Pink Legacy. This 18.96 carat Fancy Vivid Pink diamond was sold in November 2018 in Geneva for CHF 50.375 million at Christie’s. At the time, it was sold for about $50 million and was purchased by Harry Winston who took the name of the stone as the Winston Pink Legacy.
Not only was the Winston Pink Legacy a total record price, but it was also a record price per carat. Christie is said to have sold the diamond for approximately $2.65 million per carat, making it the highest price ever recorded in the world for a pink diamond in an auction.
One of the other major stones is the Williamson Pink Star. It weighs 11.15 carats and sold for $57.7 million in 2022. The sale was the second highest value jewel/gemstone sold at auction at the time and set a record price per carat for a diamond or gemstone, according to Sotheby’s.
Here are some examples that illustrate the fact that the mishnah of “the most expensive diamond ring” can be confusing. Complete ring is mentioned in some records. Others refer to the gemstone itself – even if it’s in a ring setting.
How Much Does the Most Expensive Diamond Ring Cost?
As of this writing, the highest diamond ring bid on Sotheby’s diamond ring type is $34.8 million, from the Eternal Pink Diamond Ring in 2023.
This number takes into account an auction’s competitive atmosphere and the market value placed on a very rare gemstone and the setting at the time in question. It shouldn’t be seen as a benchmark for premium quality pink diamond rings.
The CTF Pink Star set a record of more than $71.2 million, more than 2X the price of the Eternal Pink. However, the two figures are for somewhat different record types. The CTF Pink Star is acknowledged as the most costly diamond or jewellery offered at auction and the Eternal Pink will be identified by Sotheby’s as the most pricey diamond ring in its position.
Auction prices may also fluctuate when a new exceptional stone comes onto the market. Record jewelry sales are rare, and should not be a direct indicator of the retail price of an everyday diamond engagement ring.
The 4C’s (cut, color, clarity, carat) are still valuable guideposts for the buyer. There is special attention to the quality and intensity of the color of fancy-color diamonds.
What Makes A Diamond Ring Worth Millions?
A multimillion-dollar diamond ring is not valuable simply because it contains a large diamond.
The most expensive examples tend to combine several rare characteristics. The center stone may have an unusual natural color, exceptional clarity, substantial carat weight, and a documented history. The design and craftsmanship of the ring can also contribute to its value.
For collectors, provenance can be particularly important. A diamond connected to a famous jewelry house, historic family, or major auction can attract attention beyond its basic gemological specifications.
The market also matters. Auction records are shaped by the buyers who are present at a particular sale. When several collectors compete for an exceptional stone, the final price can move far beyond the original estimate.
This is one reason auction records should be viewed as snapshots of the luxury jewelry market rather than fixed price lists.
For anyone interested in buying or researching a valuable diamond ring, it is useful to examine:
- The diamond’s independent grading report
- Its natural or treated status
- Its color grade
- Its clarity grade
- Its carat weight
- Its cut and proportions
- Its provenance and ownership history
- The reputation of the seller or auction house
- Comparable recent sales
These details provide a much clearer picture of value than the size of the diamond alone.
Final Thoughts
There is no definitive answer to the question “What is the most expensive diamond ring ever?” as it is subjective and relies on the record in question.
Sotheby’s classifies the Eternal Pink Diamond Ring as the highest sales diamond ring at $34.8 million last sold in 2023. The 10.57-carat Fancy Vivid Purplish Pink, Internally Flawless diamond is a rare type of diamond that has a combination of color, clarity, size, and natural origin.
The all-time record for an auction sale of diamonds or jewels is $71.2 million for the CTF Pink Star sold in 2017 in Hong Kong. This 59.60-carat pink diamond is set in a ring and is the top auction record holder for a diamond or jewel.
The fact that both records show this is the same: The most expensive diamond jewelry is found in the rarest of the rarity. The final price can be significantly influenced by natural color, clarity, provenance, cutting quality and collector demand.
With the market for rare coloured diamonds continuing to grow, there invariably are new auction records. So far, however, the Eternal Pink and the CTF Pink Star are two of the best indications possible of just how high the price of a pretty exceptional diamond ring can go.
