Genuine pink diamonds represent some of the rarest and most valuable items in the world. These amazing and beautiful stones are prized for their obvious status as an incomparable gift, but increasingly they are recognized as an extremely limited resource. More than 90% of all pink diamonds are mined in a single location; the Argyle mine in Western Australia. And of the estimated 35 million carats mined there each year, less than .01% are fancy pink diamonds.
But to say that pink diamonds are extremely rare and beautiful is only part of the story. The passion associated with pink diamonds is unquestionable. There can be no more romantic gift than a genuine pink diamond. And due to their growing popularity, the value of these exquisite jewels continues to increase.
Prior to the Argyle mine opening in the 1980s, most pink diamonds were found in India and Africa. At least one, the Princie Diamond, was discovered more than 300 years ago in the Golconda mine in India.
Some facts about pink diamonds:
- Scientists and gemologists have no explanation for what gives a pink diamond its hue. Unlike other color diamonds, there are no trace elements or crystalized gas molecules to account for its pink color.
- Pink diamonds hold the record for the highest price per carat at $2 million, as well as the highest price ever paid at auction for a diamond at more than $46 million.
- Most diamonds are between 200 and 250 million years old, but pink diamonds are thought to be as much as 500 million years old.
- The Argyle mine in Western Australia where more than 90% of all pink diamonds are produced is expected to close operations sometime between 2018 and 2020, making these extremely rare jewels even more so.
Pink diamonds range in actual color from an orange or brownish pink to purplish pink; but without a doubt the most sought-after color is the vivid pure pink. In addition to color, the intensity of pink diamonds varies from faint to light to intense, vivid and deep pink. The deeper and more “true” the color, the more valuable the diamond will be.
Some famous pink diamonds throughout history include the Darya-ye Noor, the largest pink diamond in the world at 182 carats. This diamond was originally owned by Indian royalty, and is now a part of the crown jewels of Iran.
Another famous pink diamond is the Williamson Pink, given to then-princess Elizabeth II on her wedding day in 1947. This 23.6 carat flawless pink diamond was discovered in Tanzania and is said to be the most famous pink diamond in the world.
The Graff Diamond is a fancy intense pink, weighing in at 24.78 carats. This is the diamond that set a record in 2010 for the highest amount ever paid at auction. The $46 million dollar price was almost double the pre-auction estimate, and it was paid by British Jewelry magnate Laurence Graff.
Colored diamonds in general, and pink diamonds in particular, have enjoyed increased popularity in recent years. The Chinese and Indian demand for these rare stones has increased every year for the past 7 years, and China is expected to be the largest buyer of diamonds by 2015 – bypassing the U.S. With diamond production falling and prices increasing, it seems like the investment demand will continue to grow.
But let’s step back a bit from the business of pink diamonds and reflect on their desirability as an object of beauty. A pink diamond as an engagement ring or anniversary gift is not only unique; it says – without words – that she is the most precious thing in a man’s life. And the value that comes with this type of statement can be measured by very few things on earth.
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Mike Randall is a professional copywriter and writes about investing in diamonds and little known facts about diamonds for DiamondEnvy.com