New world record: A rare Russian pink diamond called the ‘Spirit of the Rose’ sells for whopping $27 million

• A rare Russian pink diamond called the ‘Spirit of the Rose’ has set the new world record for the most expensive purple-pink diamond ever sold.
• The 14.83 carat diamond was auctioned for a whopping $26.6 million by the auction house Sotheby’s in Geneva.
• The supply of pink diamonds is set to get more scarce in the coming years with the world’s largest pink diamond mine announcing that its supply has been exhausted, earlier this month.

“A wonder of nature,” stated the auction house Sotheby’s auctioneer Benoit Repellin as he sold off a rare Russian diamond for a whopping $26.6 million in Geneva. This is the highest price that a purple-pink diamond has ever been able to accrue.

The last pink diamond to hold the world record for the highest selling price was the CTF Star Pink. It was sold in Hong Kong for $71.2 million.

Dubbed the ‘Spirit of the Rose’, the rare pink diamond is derived from the biggest raw stone ever found of that colour in Russia.

Pink diamonds are going to be more scarce
According to Repellin, the Spirit of the Rose was able to fetch such a high price not only because of how pretty it is, but also because the prices for pink gems are increasing by the day as they become rarer.

In fact, pink diamonds are among the rarest but most in demand gems in the global market. And, the supply is only going to get more scarce.

Just this month, the biggest pink diamond mine in the world, Australia's Argyle deposit, stopped production because it has exhausted the entire supply. The mine accounted for more than 90 percent of the global supply of pink diamonds.

Among the 10 most expensive diamonds ever sold in the world, pink diamonds account for half the list. All five of them have been sold within the last 10 years, according to Sotheby’s.

The stone itself is 14.83 carats. However, the original stone found in 2017 was a massive 27.85 carats. It was discovered by mining firm Alrosa in Russia’s Sakha republic in northeast Siberia.

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